Month: September 2017
A Spot of Bother – Mark Haddon
A Spot Of Bother - Review Mark Haddon A Spot Of Bother jumped onto the book scene thanks to Mark Haddon in 2006. Its his second book after the hugely popular “A Curious Incident of the Dog in the Night” so he had a lot to live up to. The book its self is a great read with an open style of writing that makes it really easy to read. The story is fictional comedy. It is written in 3rd person so we see into all of the characters lives so we get a good sense of how they feel and what they get up to, which makes us as a reader feel involved in the book. The story is set around the city of Peterborough but we are unsure of the time, because Haddon uses the likes of videos instead of DVDs “George was propped up in bed watching videos” and the characters seldom use their mobile phones so the story could be based anywhere between the 1980s up un until now. The lack of use of mobile phones makes the story more interesting because the characters wouldn’t end up running all over the place trying to catch up with people, which certainly add to the comedy/entertainment aspect of the book. Things are going well in George Hall’s life. He has just retired in the lovely English city of Peterborough. His children aren’t his responsibility anymore and his wife seems to be loving, and caring... Everything was perfect until he spots a growth called a lesion on his hip whilst on a shopping trip. George then jumping to conclusions decides he must have cancer, and even after his doctor tells him it's eczema, he realizes there can only be one solution: "He would have to kill himself. He says nothing about it to his wife Jean, herself a little annoyed that George's retirement makes it more difficult to carry on her affair with George's former colleague, David. George and Jean's daughter Katie, meanwhile, has just announced she's getting married to Ray, of whom everyone in the family disapproves, apart from the couple. Meanwhile we have Jamie, the homosexual brother of Katie. Jamie looses his boyfriend Tony after a series of rows about weather Tony would be allowed to come to the wedding because George and Jean don’t seem to approve, much to Jamie’s dismay. Later on in the book we find out that Ray grows concerned that Katie only loves him for his house and his ability to be a good father to her son Jacob. Katie wonders if he might be right. With all the commotion going on George silently becomes increasingly worried about the “cancer” on his hip and slowly goes insane, all this was made worse after he found Jean in bed with David (former work colleague). Overwhelmed by a fear of dying, he tries to cut off the lesion with a pair of scissors and just about bleeds to death in his cellar/ garage in Jamie and Katie’s old paddling pool… The book is a great read and will have you chuckling away in places and at other times its serious because of the real life situations that are taking place in the book, but what’s surprising about the book is that its rather unsurprising its one of those typical books that works out okay in the end but I loved it because Haddon takes us on a journey in the book and we really get into it. In the end we know everything will be alright, in a way this comforts us as a reader to know that everything will be okay, because that’s who we are, we want things to be normal. That’s what I like about it; you get all the twists and turns you expect in a book along with a comforting ending. The book also has the type of things you would expect from a normal family of our time the cheating the lies the arguments, things we can relate to. So I would give Haddon an 8/10 for this book
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Human Life – Self Evolution
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The Effects of Child Sexual Abuse
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The Effects of Child Sexual Abuse. (2017, Sep 26).
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Atl and Btl Advertising
Project Report On ‘Effectiveness of Below The Line Advertising’ At IN PARTIAL FULFILLMNT OF THE REQUIREMENTS FOR MASTER IN MANAGEMENT STUDIES (MMS) Submitted By ROLL NO. C-06 MMS (2009-2011) Submitted To * DECLARATION I wish to state that the work embodied in this Project titled ‘EFFECTIVENESS OF BTL ADVERTISING’ forms my own contribution to Management. Wherever references have been made to intellectual properties of any individual / Institution / Government / Private / Public Bodies/Universities, research paper, text books, reference books, research monographs, archives of newspapers, corporate, individuals, business / Government and any other source of intellectual properties viz. , speeches, quotations, conference proceedings, extracts from the website, working paper, seminal work et al, they have been clearly indicated, duly acknowledged and included in the Bibliography.
Signature of Candidate Prandya Patil * ACKNOWLEDGEMENT This project would not have come to fruition without help, wittingly or unwittingly, of a great many people too numerous to mention. This section provides a platform to recognize and acknowledge those fortunate enough to spring to mind. My Industry Mentor, Mr. Gautam Mazumdar should be commended for the guidance, support, and wealth of ideas he provided in order to see this work completed. Our industry mentors should be commended for the guidance, support, and wealth of ideas they provided in order to see this work completed.
The credit of the successful completion of the project goes to our mentors at industry & our college teachers. Thanks a lot to all the unnamed people who kindly responded to the questionnaire, especially our friends in the college. * Genesis of the report This project is generated to study the effectiveness of advertising. As we see that advertising has become very essential to enter and sustain in the market. Many companies have their tie-ups with different Ad agencies for their product launch, sales promotion, offers and all other marketing awareness activities. And there is lot of money poured into making of effective Ads. Thus, there is need to study that if the companies or an entity approaching to an advertiser is finding that Ad effective or not? Many companies use various promotional activities to increase their market share. These activities can broadly be classified under two categories. 1) ATL (Above the line) or Mass Promotional Activities. e. g. Ads on TV or internet, print media, Banners etc. 2) BTL (Below the line) or personalized/Direct marketing. e. g. Tele-calling, promotion via mailing etc.
Companies pour in millions of dollars to promote their brand, create brand awareness and market their services to boost their sales and grab higher market share. So it makes every business sense to know the effectiveness of different media and invest in those which have high effectiveness. The objective of the research was to study the effectiveness of these promotional activities used by businessman and other companies. TABLE OF CONTENTS: DECLARATIONi ACKNOWLEDGEMENTii Genesis of the reportiii A. List of Appendices:1 B. Abbreviations and Definitions:1 I. INTRODUCTION:2 II. LITERATURE REVIEW:6 )Evolution of below -the- line activities6 2)Channels of BTL activities:7 III. BACKGROUND OF THE PLACE OF WORK:10 a)Company Profile:10 b)Services offered:11 c)Media MAXX promotional strategy:13 IV. NATURE AND SCOPE OF THE PROJECT:14 V. OBJECTIVE OF THE PROJECT:15 VI. PROBLEM FORMULATION:15 VII. RESEARCH HYPOTHESIS:16 VIII. RESEARCH METHODOLOGY:16 IX. DATA ANALYSIS:17 X. MANAGEMENT TOOLS AND TECHNIQUES USED:18 XI. FINDING & INTERPRETATION:19 a. General findings from the Research Questionnaire:19 A. Category/Industry Population19 B. Advertising Population20 b. Research findings:21 a)Reason behind Advertising:21 (b)Most Liked feature of Advertising. 22 (c)Respondents perception about BTL23 (d)Confirming Perception24 (f)Judge Effectiveness of BTL25 (g)Analyzing the effectiveness of various promotional activities:26 XII. HYPOTHESIS TESTING27 XIII. CONCLUSION:28 A. Learning experiences from the project:28 B. SUGGESTIONS/RECOMMENDATIONS:29 C. Limitations:29 XIV. ANNEXURES30 XV. BIBLIOGRAPHY/ REFERENCES34 List of Appendices: Appendix 1: Questionnaire Appendix 2: Chi-Square test, to test the significance of the results for preference of BTL activities.
Abbreviations and Definitions: 1] ATL: Above the line Above the line(ATL) is a type of advertising through media such as TV, cinema, radio, print, banners and search engines to promote brands. 2] BTL: Below the line BTL is a type of promotional activity which is targeted to a specific person or group of people very similar in their characteristics. Tele-calling, launching a campaign, erecting canopies, mailing, in-house promotions etc. come under BTL. 3] Ads: Advertisement. Any paid form of non-personal presentation and promotion of ideas, goods and services by an identified sponsor. The American marketing association I. INTRODUCTION: Everyone is trying to dominate by promoting its brand and product through TV, print, launching campaigns, sending mailers and news-letters etc. methods to promote are many but due to budgetary constraints, search of most effective method of promotion is on, big time.
Promotion is classified under two categories ATL and BTL. The report also tries to analyze the effectiveness of BTL advertising by studying the market habits and advertisers understanding, their perception, preference before going for a particular promotion activity. An activity is effective in the market because it is preferred by most of the people. The product qualities or services are good that’s why they are preferred and thus they become effective in the market as there is high no. preference for those activities. The research is broken into 4 main sections. Research design, general findings, analysis of effectiveness & hypothesis testing and results & recommendation. Above the line (ATL), Below the line (BTL), and Through the Line (TTL), in organizational business and marketing communications, are advertising techniques. In a nutshell, while ATL promotions are tailored for a mass audience, BTL promotions are targeted at individuals according to their needs or preferences.
While ATL promotions can establish brand identity, BTL can actually lead to a sale. ATL promotions are also difficult to measure well, while BTL promotions are highly measurable, giving marketer valuable insights into their return-on-investment. Promotional activities carried out through mass media, such as television, radio and newspaper, are classed as “above the line” promotion. Below the line” promotion refers to forms of non-media communication or advertising, and has become increasingly important in the communications mix of many companies, not only those involved in fast moving consumer goods, but also for industrial goods. “Through the line” refers to an advertising strategy involving both above and below the line communications in which one form of advertising points the target to another form of advertising thereby crossing the “line”. Above the line sales promotion ATL is a type of advertising through media such as television, cinema, radio, print, web banners and web search engines to promote brands. This type of communication is conventional in nature and is considered impersonal to customers. It differs from BTL advertising, which uses unconventional brand-building strategies, such as direct mail and printed media (and usually involves no motion graphics). It is much more effective when the target group is very large and difficult to define.
The term comes from top business managers and involves the way in which Procter & Gamble, one of the world’s biggest advertising clients, was charged for its media in the 1950s and 1960s. Advertising agencies made so much commission from booking media for clients that the creative generation and actual production costs of making TV ads was free – hence above the line. Everything else they paid for and was therefore below the line. Since then, models have changed and clients are no longer charged for their media in that way. The line Used loosely, ATL still means mass media. However the media landscape has shifted so dramatically that advertisers have reconsidered the definitions of mass media.
For some marketers the “line” divides the realm of “Awareness or Attention focused marketing” and that of “Interest + Desire focused marketing”. Since audience numbers in the Interest and Desire phase of the AIDA sales model narrow down to a fraction of the Awareness audience, the line could be drawn right below the awareness set of activities. Loosely put, everything done prior to a customer’s actual entry into a retail outlet is ATL for these retailers, as they define shop-floor activities as the true BTL set of activities which decide on which brand sells eventually.
Below the line sales promotion BTL sales promotion is an immediate or delayed incentive to purchase, expressed in cash or in kind, and having short duration. It is efficient and cost-effective for targeting a limited and specific group. It uses less conventional methods than the usual ATL channels of advertising, typically focusing on direct means of communication, most commonly direct mail and e-mail, often using highly targeted lists of names to maximize response rates. BTL services may include those for which a fee is agreed upon and charged up front. BTL is a common technique used for “touch and feel” products (consumer items where the customer will rely on immediate information rather than previously researched items). A BTL technique ensures recall of the brand while at the same time highlighting the features of the product. Another BTL technique involves sales personnel deployed at retail stores near targeted products. This technique may be used to generate trials of newly launched products. Through the line More recently, agencies and clients have switched to an “Integrated Communication Approach”, or “through the line” approach. TTL is a neologism describing an existing process, according to Altaf Jasnaik, Corporate Communications and Branding Manager at Sharp Middle East & Africa. In the TTL approach, a mix of ATL and BTL are used to integrate a marketer’s efforts and optimize returns from these separate investments.
Recently the TTL approach has shifted its emphasis more towards BTL. The idea remains to optimize the return on marketing budget spent by focusing one’s energy on winning smaller yet more crucial BTL battles than ATL wars with well-funded competition. According to EBS Worldwide, mainstream mass broadcast marketing is increasingly being viewed as uneconomical, in terms of return on investment, which is where BTL marketing fits in. Above-the-Line Media| Below-the-Line Media| 1. Are tailored to reach a mass audience| Are targeted to individual consumers, based on their expressed needs and preferences| 2. Establish brand identity or reinforce emotional concepts surrounding a product or brand| Issue a “call-to-action,” inspiring specific customer activity or tailored messages about a product or brand| 3. May or may not drive customer response| Drive individual responses| 4. Are difficult – if not impossible – to measure with any accuracy| Are highly measurable, allowing marketers insight into their return-on-investment, as well as those tactics that are (and are not) working| 5. Cater to the mass market| Establish one-to-one relationships between consumers and marketers| II. LITERATURE REVIEW: 1) Evolution of below -the- line activities In a market rapidly adapting to changes in technology, available information and heightened consumer demand, traditional, brand-oriented advertising is no longer the primary driver of customer behaviour. Whether it’s reflected in dwindling print newspaper circulation or the stagnant market for network television commercials, significant evidence suggests that the marketing landscape has fundamentally shifted – from an “above-the-line” focus on reaching a broad population with emotionally-oriented appeals, to a “below-the- line” approach that stresses targeted, customer-centric communications, measurable results and concrete return-on-investment. We believe that the metaphorical “line” separating marketing philosophies (often quoted, but never precisely defined) is reflected in three key qualities that separate today’s emerging promotional methods from the top-down advertising monologue of the past. Acting in concert, they embody the universal elements of successful below-the-line marketing efforts: * Perception – The extent to which a consumer feels that he or she is engaged as an active participant in a marketing dialogue, rather than a target of an aggressive direct sales or branding effort Interaction – The extent to which consumers are empowered to respond to marketing communications via preferred channels that are both convenient and accessible * Measurability – The extent to which a marketer can track the results of an individual initiative, determine commensurate return-on-investment and adjust future campaigns to provide for an enhanced chance of success Figure 1. 3 Framework of BTL activities Chart 1: Measurability of BTL activities 2) Channels of BTL activities: a) Database marketing: It involves use of proprietary database of consumer records which can enhance prospect or customer data sources with unprecedented demographic, lifestyle and transactional data. It can be utilized for tuning marketing offers targeted at new prospects — and provide their current customers with products that more closely match purchasing preferences and habits. ) Mail marketing: It involves creation of compelling branded Mail/email templates and campaign messages, and also our data driven services to develop precise targeting to reach the highest number of quality prospects c) Interactive services: By designing online campaigns that generate valuable and conversions by the use of Web Properties, Affiliate Network and Search Engine Marketing d) Affinity marketing: Enhancing brand value and gaining new customers by affinity programs like collaborations with * Veteran’s Organizations * Sportsmen’s Organizations Conservation and Wildlife Advocacy Organizations * Seniors Advocacy Organizations * Political Organizations * Religious Organizations * Youth Activity Organizations * Ethnic Group Advocacy Organizations * Cause Based Organizations Direct Response Print: It’s most common form today is infomercials. It is achieved by eliciting a direct response via television presentations. Viewers respond via telephone or internet, credit card in hand.
Other media, such as magazines, newspapers, radio, and e-mail can be used to elicit the response, but they tend to achieve lower response rates than television. ) Event Marketing: It involves a strategic-based face-to-face contact designed to impact a brand’s perception among its constituents. It is set of promotional activities involving an event such as a sporting or social event, designed to bring a product to the attention of the public f) Promotional Marketing: It is a non-personal promotional effort that is designed to have an immediate impact on sales. Sales promotion is media and non-media marketing communications employed for a pre-determined, limited time to increase consumer demand, stimulate market demand or improve product availability. Examples include: * Coupons * Discounts and sales * Contests * Point of purchase displays * Rebates * Free samples (in the case of food items) * Gifts and incentive items * Free travel, such as free flights Sales promotions can be directed at the customer, sales staff, or distribution channel members (such as retailers). Sales promotions targeted at the consumer are called consumer sales promotions. Sales promotions targeted at retailers and wholesale are called trade sales promotions. We Maximise value III. BACKGROUND OF THE PLACE OF WORK: ) Company Profile: Vision: Maximimising Every Opportunity.
For you and your organization. Through the world of dynamic Communication. The Beginning: Media Maxx got into the fast track of visual communication in the Fall of ’09. With the ever changing market conditions – it was the need of the hour to adapt and present communication that hits the right note with the right audience The governing team of Media MAXX: Hari haran – 14 years in the media industry Primarily in planning and production. Planning gives him a clear perspective in brand strategy and concept development. Experience in production of TV serials in multi regional language & an insight in production, TV prodiction has been his passion.
Gautam Mazumdar – Extremely well accomplished at leading cross functional operational teams across multiple geographic locations integrating People, Process, Technology and Partners towards a common goal. Major contributions include successful implementation of marketing strategy Strengths cover a range of media deliverable in print, outdoor, events, video packed with his natural flamboyance. ) Services offered: Repertoire The Companies solutions are optimum and total.
They conceptualise, plan strategy, design and execute – your total communication requirement. What they have to offer is a fine balance between the client’s perspective and current market scenario. Repertoire Specifics Creative Concepts & designing, Production of AV, TVCs & Short films, Media planning, Event Management and Public Relations, Web designing. Designing Thoughts put to creative execution of: Press ads, magazines and journals, brochures, annual financial reports, newsletters, posters and direct mailers, hoardings, kiosks, panels, banners, stickers, danglers, dispensers, packaging and exhibition stalls.
Production Production of AVs, TVCs and Short films Give us a subject and we put in emotion, drama, script, effects – and all that goes into capturing the attention of your audience. Corporate films and documentaries. Television commercials and Radio jingles. CG animation and Programme Opens, 3D Morphing and Composting. Complete 3D Ad films, Logos and 3D Pack Shots. Audio Recording, Video Editing and complete Audio Visual productions.
Media Planning & Releasing As the saying goes – strike while it is hot. The company offer strategic media planning for your creative campaigns and release of the same through different media vehicles such as Television (National, Satellite & Niche), Radio Stations, Newspapers, Magazines, Directories, Hoardings, Kiosks (National & Local). Events & Public Relations To add glamour and glitz – They undertake Event Management assignments for Brand Launches, Exhibitions, Seminars and Workshops. Their Public Relations team offers support in terms of effective coverage on a national scale through sustained media relations. Multimedia & web What sets them apart from other design houses is their expertise and experience in Web Site Design, Web Application Development, and the highly specialized domains of Flash Animation, CD and DVD Production, and Web Training Demos. c) Media MAXX promotional strategy: The company is on the right way to promote itself. As the company is in the starting phase when funds are not much, online promoting is playing a big role in lead generation.
Now, When its advertising your client is always looking out that what extra you can provide him over others. Being an advertising agency company is continuously working on its creativity so that the client will have faith the kind of work, company can provide to him. Even the Tele-calling team should also be credited for lead generation. The company is continuously in touch with its existing clients and even with the clients who showed interest in the company work. There is research team also who would study on the different companies which are existing in the market and are companies ‘Can Be’ clients.
Direct client servicing is last thing which is responsible converting the interested clients into companies customer rather full time customer with its service. So In all, the flow of R on the ‘Can Be’ clients, Tele-calling to get their details, Mailing the profile and mailers of the company and not but the least direct client servicing are the things which have been Media MAXX promotional strategy other than Mouth Publicity. IV. NATURE AND SCOPE OF THE PROJECT: Advertisements are sometimes spoken of as the nervous system of the business world. As nervous system is very important in human body so it is vital in business world. Therefore, in this project we want to study Advertising Effectiveness especially the concern company Media MAXX Management wants the advertising managers to do well and be effective in their client servicing.
After all, advertising uses the scarce resources that could be invested in a number of ways. Therefore, the question that management poses is, “Is advertising the best way to use those funds? ” and if yes “Is it heading in right direction? And it is the job of the advertising campaign planner to be able to answer that question. Hence, the need was felt that whoever has taken service from the company or who has advertised themselves through BTL advertising. Are they satisfied with it or not? Did these businessmen find BTL promotions effective or not? While studying on the project we got a chance to work on some of the projects.
These projects include: * Planning a Road-show for ‘Saint-Gobain’s ‘Gyproc’ product. Its a construction related things manufacturing company which wanted to organize a Road Show for the awareness of the product. Working under this project we got a chance to work on planning, costing, pitching for getting the project on Road Show. * There was another project to make a society event targeting women. Wherein Canopies were installed in the societies. In the whole event all the women would get a chance to make mehendi on their hand and meanwhile company would showcase its designs to them explaining about the offers and exclusive designs available at Tanishq Showrooms. * Another project was to work on a Township project at Khalapur. This dealt with designing the project for their customers which to be launched in coming September. * Making health day planner for Hiranandani Hospitals ‘Health Day’ events. V. OBJECTIVE OF THE PROJECT: 1]To analyze the effectiveness of BTL advertising. 2]To study the perception of the businessmen for different types of options available in the market. VI. PROBLEM FORMULATION: Promotional activities are broadly classified under ATL and BTL. Due to the inherent difference in their nature, they work differently and outshine one another depending on the industry and the target audience they are directed towards.
For a well established company or a new comer company in the market, to gain a higher market share, they want to promote their products/services. Here lies the problem, what type kind of promotional activity one should use. Whether one should go with ATL or BTL? Which one has greater effectiveness as far as preferences are concerned? Now, how can we calculate effectiveness of a promotional activity? This project is to study the perception and the preference given by the businessmen or marketing managers to promotional activities to study the effectiveness of BTL advertising. VII. RESEARCH HYPOTHESIS: Null Hypothesis: H0: ‘There is no significant preference for BTL advertising’ So, an alternative hypothesis would be, H1: ‘There is significant preference for BTL advertising’ VIII. RESEARCH METHODOLOGY: * The target population was businessmen or any company officials dealing into advertising activities for their business. * A questionnaire was designed to get the information from the respondents to study the effectiveness of BTL advertising. * A target sample size of 59 was decided. As Out of 71 respondents, 8 people doesn’t advertise and 4 were wrong responses. Quota sampling technique was used: population was divided into regions, the sample elements were selected based on convenience or judgement. * ‘Online sampling’ was also used but to a lesser extent. * Only primary data could have served the purpose, which was collected via questionnaire * The research work: * It comprised of targeting people from commercial places, markets etc. * Mailing an online questionnaire to every known e-mail also helped in data collection IX. DATA ANALYSIS: * Once we got the data, the next step was to analyze it. This data was further categorized according to the factors explaining it statistically. * Then it was analysed thro the graphs to know the trend of target population towards advertising.
Peoples perception towards advertising and why do they feel to shift over from one option to another. * SPSS tools such as frequency, MS Excel tools such as bar, pie charts were used to analyze the data. Since multiple choices were allowed, this made the data complex and difficult to analyze. Hence, the data was analysed through graphs for those questions which could not get analysed through SPSS. X. MANAGEMENT TOOLS AND TECHNIQUES USED: Brainstorming: The topic was first discussed among the trainees. The need of the topic felt and hence it was decided that the would hold well if research on such topic is done then company can plan some strategies on the basis of it. Analysis Interrogation: Interrogation with company officials helped to understand the industry, its behaviour, the kind of trends and technology which is coming to market. This is responsible for shifting consumers’ mindset from one available option to another.
This has helped to generate the interest in the research the field of advertising. Observation: Observing the business process at office did help a lot to know the customer needs while facing them on call or in person.
Working on a clients project actually helped me to understand the whole process in advertising and generated interest towards the topic. Planning: A plan was made according to the population we wanted to focus on of the area we had selected. This plan was finalised through discussion and brainstorming with other colleagues. Analysis: This study was further analysed to recommend some strategies to the company to work on. Analysis was done with the help of SPSS software.
This analysis proved the assumption we had made earlier. Evaluating: Evaluation of the project was done on the basis of graphs which we had got through data collected. These graphs showed the percentages of the different preferences, peoples perception in mind before advertising and why do they choose an option among all available. XI. FINDING & INTERPRETATION: a. General findings from the Research Questionnaire: A. Category/Industry Population Chart 2: Category/Industry Population The respondents were chosen either from those who have got their business or from those who are working in a company for marketing related activities. This helped in making a combination of small business houses and the well established companies, which helped in getting good quality responses from the respondents. Combinations of the respondents who may have different advertising budget but then how do spend money on advertising? How do choose an option among all available. In the above pie-chart we see that 59% respondents are those who have their own business and 41% are servicemen.
This is a good combination for research. B. Advertising Population Chart 3: Advertising Population This question helped in using the data more specific towards the goal. As we need to find out the effectiveness of BTL advertising in the market. i. e. We need to concentrate on the respondents who have advertised before. Those will help us to know why they chose an option and what the factors behind that decision were. In the above Pie-Chart we see that almost all the respondents collected go for advertising their product except few i. e. 1% of the total don’t advertise and 89% do advertise for their products. b. Research findings: Reason behind Advertising: Chart 4: Reasons Behind Advertising While doing the study it was expected to study the reasons behind the advertising. The expenditure, availability, targets all other factors which depend on the reason of advertising. The above pie- chart shows that most of the people do advertise for their sales promotion, target segmentation, business awareness. So it seems advertisers have become target specific.
They want to spend money for their set customers. Most Liked feature of Advertising. Which are the features of promotion liked by you most? Chart 5: Most Liked Features Of Promotion Now, while making an Advertisement the agency should also think of the priorities and expectation of the people from the Ad. We see in the chart above that they want more clarity & simplicity in their advertisement for better understanding and good impact on the customers mind. Respondents perception about BTL Do you agree with the statements given below? Chart 6: Respondents Perception About BTL This question was framed to know the people understanding about BTL promotions. As shown in the graph, we had taken some factors to study whether people agree with the statement given or not. The result shows that people are very much aware about the promotion option available for them and the reason behind going for it. In the last bar we also see that most of them have said that BTL is no as effective as ATL. This shows that each promotion activity has got its own identity which cannot be taken over by other.
Confirming Perception Do you think, BTL stands differently & effectively against ATL? Chart 7: Confirming Perception From the previous chart analysis we see that people have voted that BTL stands differently and effectively against ATL. Because as the time passes people may shift from one to another but these two can never takeover their actual customers. Judge Effectiveness of BTL How effective would you judge BTL activities: Chart 8: Judge Effectiveness of BTL As it is seen that people find BTL advertising effective and different from other options available, we will judge how effective did they find it? Hence the respondents were given four options to judge BTL. If it is very effective, just effective, ineffective or Neutral.
The study shows that people find it very effective in case of ‘Company’s investment in brand marketing’; followed by ‘Advertising creative execution’ then ‘Company’s plan for media advertising and at last ‘The brand slogan advertising’. In the above chart we see that respondents from businesses and services, most of them have found BTL effective for the parameters discussed above. Analyzing the effectiveness of various promotional activities: Which are the promotional activities you would go for your business promotion? Chart 9: Analysis of preferences There was a need to study preference of the respondents for BTL advertising. A person would always prefer to choose an option which is more effective. It’s a business, wherein return on every investment is preferred most. Hence respondents were asked on the promotion activity they would prefer most. And as we can see, people have given more responses in case of BTL that is (Tele-calling + Mail + Campaigns & Canopies) over (Outdoor + Print + TV). This proves that people mostly prefer BTL advertising.
Hence, it is effective. XII. HYPOTHESIS TESTING H0: There is no significant preference for BTL advertising. Since, respondents preferences towards were judged, we will apply Chi-Square test. On Applying the Chi-Square test (Appendix 2) We get, X2 (calculated) > X2 (tabulated) 12. 288 > 11. 070 Therefore, H0 is rejected. Therefore, H0 is rejected. Ha is accepted. Which means there is significant preference for BTL advertising. Thus, the assumption which we had considered that BTL is effective over other promotional activities is proved. XIII. CONCLUSION: A. Learning experiences from the project: a. This project showed that people are aware about the various options available in the market.
There is a thought process involved before choosing a promotion activity. b. The research shows that even if there are many options available, there is strata of business and service industry population which would always prefer to go for BTL. Because it has got its own identity. And as the time passes there can fluctuations in the preferences but current scenario is that most people find BTL as the effective way of advertising. c. As the time passes, technology changes, new inventions comes into the market, but some advertisements have got their own identity and BTL is one of them. d. BTL can provide you wide options for promotions and cut down your cost and boost your sales as well. . This project helped me to understand various promotion activities, to study consumer behaviour, factors affecting their decisions. In all, the whole BTL market I got to learn which was very interesting. B. SUGGESTIONS/RECOMMENDATIONS: * Since BTL is effective than other promotional activities available, Companies should reconsider their marketing strategy with higher advertising dollars going for BTL (Preferably in the proportion of their respective effectiveness) * Setting up of canopies at commercial places, residential colonies, apartments will certainly show great results. Companies should use the available database to exploit the brand loyalty of the company which they might have and that can be communicated with them through phone or / mail (e-mail), both highly effective media, and give information about our products. * Tele-callers are an asset for a company; companies should invest more here to equip them with required soft-skills and product knowledge so that they have higher convincing abilities. This increases their effectiveness and customer base. * The present customer base is an asset which will rope in more customers if they are cared through prompt after sales service.
The price range is also a decision maker. Bringing in new ‘Value for money’ package in this range and marketing them well can do the trick. C. Limitations: * As some questions were quite complex, most of them could not get analysed thro SPSS. * We can say ‘what’ is effective but cannot say ‘why’ it’s effective. That’s probably needs another research. * Sample size is also a major limitation since research of this sort requires a large sample size. This limitation became evident when, effectiveness of BTL activities came out to be higher than due to very small no. of respondents. XIV. ANNEXURES ANNEXURE-I: Questionnaire: 1 Name 2 Category or Industry of the population? No. Of People a. Service b. Business 3 Do you advertise for your business? Yes No 4 If No, What is the reason behind it?
If have advertised before, What was the reason behind? i) Business/Brand Awareness ii) Business Promotion iii) Branding iv) Brand Recall v) Sales Promotion vi) Target Segmentation vii) Others, Please Specify 6 Which are the features of promotion liked by you most? Please rate your preferences on a scale of 1-4. i) Simplicity ii) Clarity iii) Creativity iv) Exhaustive Publicity 7. Do you agree with the statements given below: Statements| Yes| No| BTL requires less investment than ATL| | | Probability of risk is less in case of BTL than ATL| | | ATL is a good way to reach masses but BTL reaches to target customers| | | BTL investor has more options to choose than ATL| | | BTL is as effective as ATL| | | 8. Do you think, BTL stands differently & effectively against ATL? (Considering- Starting investment, R OI, Reach, Targeting the client, Time taken to receive return,Valuable. ) a) Yes b) No 9)How effective would you judge BTL activities for? | Very Effective| Effective| Ineffective| Neutral| The Company’s investment in brand marketing| | | | | The company’s plan for media advertising| | | | | The advertising creative execution| | | | | The brand slogan advertising for product| | | | | 8 Which one of the following promotional activities you would prefer for your business promotion? Promotional Activities. i) TV ii) Print iii) Outdoor iv) Campaigns, Canopies, Events, Exhibitions v) Mail vi) Telecalling Ans: .Any Suggestions Thank you very much for your valuable time! Annexure-II: SPSS test calculation: Chi-Square Test Frequencies Preferences| | Observed N| Expected N| Residual| 4| 4| 9. 8| -5. 8| 5| 5| 9. 8| -4. 8| 8| 8| 9. 8| -1. 8| 12| 12| 9. 8| 2. 2| 14| 14| 9. 8| 4. 2| 16| 16| 9. 8| 6. 2| Total| 59| | | Test Statistics| | Preferences| Chi-Square| 12. 288a| Df| 5| Asymp. Sig. | . 031| a. 0 cells (. 0%) have expected frequencies less than 5. The minimum expected.
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Gucci, Louis Vuitton and Vertu
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UPSR and PMR
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World Government
‘World government’ refers to the idea of all humankind united under one common political authority. I believe it is logical to say that this delicate situation has yet to happen in this current world but it is arguable that it is slowly shifting from nations with hundreds of citizens to billions of citizens to unions of multiple nations to the eventual delusive one world government. In this paper, I will argue that even though one world government has its benefits, the pursuit of this may not result in happiness.
Proponents of world government argues that most of the social problems can be resolved if everyone falls under one common government.
These problems include illegal nuclear activities, poverty, global warming and preventable wars. It is even mention in the bible that “Jesus was speaking of the coming world government of God to be established on the earth after His return. ” Having one government is the only way to achieve anything resembling world peace because it would make the feeling of “patriotism” irrelevant because there’s only one government to be patriotic to. For an instance, The Taiping Rebellion that took place in the 18th century was the first major instance of anti-Manchu sentiment threatening the stability of the Qing dynasty, which significantly weakened the power of the corrupted and declining Qing Dynasty.
The country was taken over by the Manchu, who originated from Russian Maritime Province, during the 16th century. The war was caused by the strong sense of patriotism from the Chinese (Han) to regain control over their nation.
During its fourteen-year course of war, approximately 20 million people died. This can be prevented if their loyalty was concentrated on a common government.
Similarly, the differences in loyalty may not be a problem anymore when the world unites under one common government. There may be an instance when people accept the fact that, even though they are different in terms of initial loyalty, they are under a common rule of one government so it will be positive sum game for everyone to achieve social stability. Here you may question, even with a common government citizens may not feel obliged to be loyal to this coalition but in my opinion with the proper democracy system in place and also the right talent to prove the capabilities of the government, citizens will learn to embrace the new government. It would also be easier to eradicate extreme social inequalities by distributing the taxes from the rich and give to the poor.
One way will be incur income tax for different salary group and distribute the taxes to place with absolute poverty.
A study by the World Institute for Development Economics Research at United Nations University reports that the richest 1% of adults alone owned 40% of global assets in the year 2000, and that the richest 10% of adults accounted for 85% of the world total. The bottom half of the world adult population owned barely 1% of global wealth. If part of the wealth from the top one percent can be distributed to the poorest people in the world, then we might not be far away from eradicating absolute poverty. Assuming all citizens wants to actively change the world for the better, taxes may still result in the discontent from the richest 1% of the global citizen and may even reduce the effort to work harder to achieve higher revenue but when one percent of the population is compared to half of the global population, the voice of discontent will be overwhelmed by the supporting masses.
In the midst of all these potential benefits from magic power of the pixie dust; there still lie potential threats to be examined. There still lies the uphill task of having people of different race, ethnicity, and religion all loyal to one single system.
For an instance, . the difference in culture and practices can also be seemed as a potential threat. There are states that allow homosexual marriages and they are seen as legal couples however in other places these marriages may be seen as morally unacceptable and the marriage may not be recognised. Assuming nations do come together to form a one world government, and all borders are eradicated, does it mean that same sex couples who are legally married in one place will have to forgo their status and civil rights as a married couple when they move to a different place? This may result in disagreements between the conservative nations and the nation who are more open to the idea.
Potential solutions like the civil union may be a solution to the problem but it will still be a bitter pill to swallow for countries like Iran Mauritania, Saudi-Arabia and Sudan who put a death penalty on these marriages.
Moreover, there is a need to create international laws to the suit different religious regulation for the new nation will be one of the paramount issues that need to be solved. For example, the Bible indicates the possibility of Jesus ruling the world as the king of the new world order. That may suggest that there will be a significant amount of people who subscribe to this idea will push for a Christian-based government and special laws to be created to benefits the spreading of the religion. However, this will not go far in the presence of other religions in the world. There will be serious dispute over the degree of recognition given to the different beliefs One of the best ways to examine the possible outcome of this preposition of forming one world government is through history when various people with different backgrounds and different ambitions try to force a common nationality onto them.
The first emperor of China, Qin Shi Huang, managed to unite the divided China into a common nation.
Many may remember him for creating a clever division and micro-management of the nation and also a common measure of currency for the whole China. But I believe there are more people who remembered him for his later part of his ruling era for being that tyrant who tried to ban Confucianism and killed ten off thousands of scholars.
Even more remembered him as the ruler who spent his dying days neglecting politics while searching for the Elixir of life, creating more chaos than order in the country. Apart from the assassination by Jingke and Gao Jianli, there are others who want to overthrow him for all his tyranny and also to regain the status of their previous states.
With all the evidence that the one common government brought economic benefits and prosperity for the masses, it is an irony that the assassins were seem as hero by the descendents. This may suggest that not only the people in that era went against the government but the same goes to the descendents who saw the need for the government to end. It has come to my attention that regardless of all that uprising and constant internal conflict, the modern China did unite as one nation but the social uprising stopped only after Chairman Mao came into power.
He was seen as a national hero fighting against the Japanese during World War II. It was a unanimous agreement from most citizens in China to support him as their common leader.
However, this is extremely hard to come by and it is even harder for a man who is capable enough to gain the support for the majority of the world Even if there is that one brilliant soul who managed to cater to the needs to all the citizens in the new world government, can he/she resist the temptation of being overpowered by human natures like greed or loathe? No one can guarantee that the ‘king of the world’ will not end up like Qin Shi Huang who diminished his good names with his ill-intention policies to maintain control over the people. This is a risk that some eople may not be ready to take by giving the power of the state to someone or a group of politicians who they do not subscribe to. Ultimately, I do understand the rationale behind the push for One Wold Government, but if we have to overlook the possible racial and religious discrepancies in order for the system to make sense then maybe we should look for alternative solutions to our problems instead. History have told us that even with the states forcefully merged as one, without a common ground or reasonable solution to all our differences, it is almost impossible to maintain the government.
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Upd Case
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OSI Reference Model
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Mankind is no Island
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Why should Employee Skills and Abilities be Developed
What is employee development? Employee development is a kind of connection, continuous effort on the part of an employee and the organization for which employee works to upgrade the employee's knowledge, skills, and abilities. Successful employee development need to find a balance between an individual's career needs, goals and the organization's need in order to get work done and achieve company goals. Employee development programs make positive contributions to organizational performance. A company with highly skilled employees and supervisor and achieve more than those company lack of developed and stillness employees. Why Should Employee Skills and Abilities Be Developed? Most of the research hold the same belief that employee development programs make positive contributions to organizational performance. Compared with training new staffs and retaining an employee saves the organization a great deal of money. One mean of retention is to provide opportunities to employees’ and develop new skills. In research conducted to assess what retained employees, development was one of the top three retention items. Thus we can understand the importance of employee development to a successful organization. The follow two articles will discuss about company through what kind of method to develop employees’ skill and knowledge. Journal one: Corporate intranets: how can they give a new meaning to training and development? By Keithe Denton Introduction According to a report form BMF, large companies have increased their investment on training employees. This increase compared with year 2004 (2005,2004) is 4 percent, 2005 $1,424 per employee. But here comes a question such large money put into IT does it really help the groups to training and develop their employees? And this does really use properly? Rethinking the purpose of IT Peter Drucker who is the most famous person in management area, he believed that information technology has almost no impaction on management decision-making. His viewpoint comes from the way that organizations use the corporate intranet technology. Most companies use intranet just as an electronic library. In fact, intranet can do more that. It can help the employees to see whether their behavior, decision and activities match the need of group objectives. Intranet also can display a clear picture about where the organization is headed and how it is doing to the group members. It can cut the gab between management expectation and performance through display the information on employees’ Desktop PCs. Intranet provide the company’s objectives to employees in order to achieve it. Matching theory to reality Normally, when an organization put their assumption into practice they meet the problem. That is the assumptions cannot execute well by employees. This happened because human resource managers lack the awareness of employees’ sentiments and do not how to collect information from them and give feedback. Even through almost companies have information collect and feedback system to solve this problem but it seems not work as well as the intranet does. Intranet collect information and give feedback, even under a fast-changing business conditions. Intranet can provide information to decision makers what things are going on within the group. And also can give a big picture of what are the strategic goals, whether they achieved. Through intranet technology top levels can easily control the changes and improve the performance of the employees. Real-time Feedback Intranet can collect data from time to time, even minute by minute compared with traditional system. Intranet can also avoid some after-fact information. Intranet not only sharing information but also provide useful and rapid feedback to group members. This can help them focus on the company strategic objectives. Personalized performance feedback Intranet technology makes it easier for organization to launch their strategy plan. And help the employee to know that is important of the plan and make the employee easy understand what they are headed and how they are doing. Conclusion At present, intranet technology is just designed as an electronic library but actually it can do more than that. Intranet can provide real-time feedback to mangers and employees. It will make managers especially human recourse managers easier to implement training and development programs. Intranet also can tell what is important of today’s task time by time. Journal two: Developing local talent in international subsidiaries: the importance of trust and respect in Toyota By Phallapa Petison and Lalit M. Johri Thainization Philosophy Toyota is known as the world wide motor manufacture in order to achieve its global market strategic goal and meet the international product standards. Toyota wants to transfer its first overseas subsidiary Toyota Motor Thailand (TMT) into Thais employee managed subsidiary from Japanese managed. However to accomplish this task Toyota faces several challenges in the process of deepening the role of Thai employees. And training and develop the potential employees. Challenge 1: Local employee did not trust promotion decision made by Japanese managers Thai employees did not trust the one who promoted by Japanese because they thought those who promoted and work closely with Japanese may got some special favor. This kind of promotion is fairness Solution: TMT can set a vote commit that all members are Thai employees. They can vote the candidates and decide who will be promoted in order to avoid the influence of Japanese managers. Challenge 2: Thai employees were dissatisfied with the job rotation TMT in order to training and develop their potential management candidates, it has a job rotation program to help them enlarge their skills and knowledge. But Thai employees often did not understand the purpose and refuse it. Solution: TMT should explain the purpose clearly to their employees. And sent experienced managers to share, guide and help newly promoted managers gain self confidence. Challenge 3: Thai employees refused to accept promotion When TMT tried to promote potential Thai employees they refused. Because they had worked at the bottom management level for a long time and lack of confidence. They also afraid of making wrong decisions and may be earn less than before Solution Before promotion candidates TMT current supervisor can provide several tasks to train them. And discuss with candidates about the overtime payment. After that current supervisor can continue to help the newly promoted managers until they can fully handle the management. Challenge 4: Japanese managers lacked confidence in competence of Thai managers In TMT, Japanese managers did not think that Thai managers can handle the task. Normally they refused to transfer full power and kept onto the final decision making authority. Solution TMT settled a process, put Japanese and Thai colleagues together to solve problem in order to develop team trust. Second, both examined how long it took for Japanese expatriates to perform those tasks to establish benchmarks for Thai managers. Third, the tasks were divided between Thai and Japanese colleagues in order to avoid overlap. Fourth, Japanese provided OJT training to their Thai counterparts in order to help them to perform the assigned tasks. Challenge 5: Newly promoted Thai managers misused their power A few newly promoted Thai managers misused their power and caused dissatisfaction and conflict between both Thai and Japanese team members. Solution Japanese supervisor should keep an eye an newly promoted Thai managers, this should not too closely nor too loosely, guidance only given when mistake were made and misbehavior, conflicts accrued. Critique thinking on two articles From journal one the another discussed about the information technology in employee development. The writer shows us a new way in employee development that is information technology used by companies. In the article the writer discussed about how well information technology works under fast-changing business condition. But I think the writer should not only limit to only one method. At present the IT or the intranet technology really help organization manage the staffs behavior and activities and offer them online training program in order to upgrade their skill and knowledge result in get company’s work done efficiently and effectively. I think the author can discuss some other methods or technology that helpful in employee development, like employee data base system or humanity management. I have a doubt, if the employees gave the wrong feedback or the company’s employees come from different culture backgrounds does the intranet still work well as it expected or something wrong with their mental does information technology can still provide some solutions? On journal two the writer talk about the humanity management in Toyota Motor Thailand (TMT) that help Toyota to achieve their global market goal. TMT current supervisor constantly coaching the new promoted Thai managers and gave guidance when mistake were made, disbehavior and conflict accrued. The TMT supervisor will transfer the full power until the Thai manager gain confidence and can fully operate the task. TMT’s humanity employee development program really did well in promoting potential staffs and upgrade employees’ skill and knowledge. But beyond the humanity I think the author can discuss more about TMT employee development such as job analyze, career design. Maybe he can also introduce some information technology that influence employee development in his article. Suggestion: No matter what kind of method that the authors discussed or the organization used to help them implement good employee development programs. One important point must be always remembered that is employee development final purpose is service for the organization’s missions and goals. For human resource managers or some researchers should not only use one mean to achieve goals. Job analyzes career design, job rotation and staff loyalty development or innovation management methods all these can be used as a tool to help company upgrade employees’ skill and knowledge. Conclusion After learned these two articles I got a clear vision on employee development that is organization use different kinds of methods to help their staffs upgrade their skill and knowledge. Compared training new employees with retaining and develop the old ones corporation not only save their time but also keep their competition advantages. When their competitors spend time and money on training new employees those companies with highly skilled and developed staffs have already come of the red time or less profit time. These loyalty, skillful and knowledge staffs than retain before can accomplish the task efficiently and effectively. Corporation like BMW, Benz, Apple, Google, Microsoft, they are not only use information technology to help managers design suitable development programs for employees but also have some humanity management methods to adjust their mental problem. And through innovation management create friendly work atmosphere build vertical and horizontal communication. Those companies combine different kinds of method together in order to create their unique company culture resulting in get their strategic goals or mission done by the skillful and knowledgeable employees.
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Flanery Oconner Good Country People
In “A Good Man Is Hard To Find”, O’Connor introduces the reader to a family representative of the old and new Southern culture. The grandmother represents the old South by the way in which she focuses on her appearnace, manners, and gentile ladylike behavior. O’Connor writes “her collars and cuffs were organdy trimmed with lace and at her neckline she had pinned a purple spray of cloth violets containing a sachet. In case of an accident, anyone seeing her dead on the highway would know at once that she was a lady”(O’Connor 118). In this short story, “the wild diproportion of the terms, the vapid composure that summons up the ultimate violence only to treat it as a rare social opportuinty, and the cool irony with which O’Connor presents the sentence makes it both fearful and ludicrous”(Asals 132). The irony that O’Connor uses points out the appalling characteristics of the grandmother’s self-deception that her clothes make her a lady and turns it into a comic matter. Flannery O’Connor goes to great length to give the reader insight into the characters by describing their clothes and attitudes. The fact that the grandmother took so much time in preparing herself for the trip exemplifies the old Southern tradition of self-presentation and self-pride.
The grandmother takes pride in the way she presents herself because she wants everyone to know that she is a “lady”. Bailey’s, the grandson’s, family represents that of the new Southern culture that is more open to change, but they are not totally receptive to change. O’Connor describes the children’s mother in contrast to the grandmother by what they are wearing; thus their clothes represent the age from which they are. The Children’s mother “still had on slacks and still had her head tied up in a green kerchief, but the grandmother had on navy blue straw sailor hat with a bunch of white dot in the print”(O’Connor 118). The children’s mother is representative of the New South in which the Southern Lady is becoming less of a central figure within society. A lady of the old south would never wear slacks and tie her hair up in a kerchief to go out in public. Under an old south mentality these actions would be considered very unlady like. O’Connor illustrates the tension between the old and the new south by the constant struggle between the grandmother, her son, and the daughter-in-law. O’Connor also poses the contrast between the old and new South in her short story “Good Country People”. Mrs. Hopewell and Mrs. Freeman represent the old South because of the way in which they carry themselves and their traditional beliefs and values. Mrs. Freeman works for Mrs. Hopewell who states “the reason for her keepin her so long was that they were not trash. They were good country people”(O’Connor 272). Mrs. Hopewell describes Mrs. Freeman and her two daughters as “two of the finest girls she knew and Mrs. Freeman was a lady and that she was never ashamed to take her anywhere or introduce her to anybody they might mett”(O’Connor 272). In contrast to Mrs. Freeman and Mrs. Hopewell, Joy/Hulga represents the new south that is not concerned with self presentation in the way that the grandmother is in “A Good Man Is Hard TO Find”. Joy/Hulga did not care to participate in the morning gossip between the older ladies. O’Connor describes Joy/Hulga’s disregard for the old south and its sense of manners: When Hulga stumped into the Kitchen in the morning (she could walk without making the awful noise but she made it–Mrs. Hopewell was certain–because it was ugly-sounding), she glanced at them and did not speak. Mrs. Hopewell would be in her red kimono with her hair tied around her head in rags. (275) O’Connor juxtaposes Joy/Hulga to her mother, Mrs. Hopewell, by contrasting her mannerism, clothes, and overall demure. Joy/Hulga is described as making awful noises in contrast to her mother whom is sitting in her red kimono across the kitchen from her. Mrs. Hopewell’s name is symbolic of her very hopeful and optimistic nature.
Joy’s changing her name to Hulga represents her renouncing of the old Southern traditions imposed by her mother. Joy/Hulga does not conform to the social codes of the old south because she deliberately makes grotesque and unlady like noise and does not apologize for them.
Joy/Hulga is “forced by her physical disabilities to live at home, the girl’s existence has become one continuous of outraged rejection of the life around her”(Asals, 103). Joy/Hulga is also set apart from the old south because she has obtained a PH. D. in philosophy. O’Connor writes Mrs. Hopewell thought it was nice for girls to go to school to have a good time but Joy had “gone through”. … The girl had taken the Ph. D. in philosophy and this left Mrs. Hopewell at a complete loss. You could say, “My daughter is a nurse,” or “My daughter is a schoolteacher,” or even, “My daughter is a chemical engineer. ” You could not say, “My daughter is a philosopher”. (276) Mrs. Hopewell feels that it is unlady like to pursue an education that far, but Joy/Hulga disregards this old southern sexist attitude about women and education. Joy/Hulga thinks she has “defined a self that is the antithesis of her mother’s”(Asals 104). Education and mannerisms of the old and new south are not the only contrasting views that Flannery O’Connor explores in these two short stories. Christianity and fallen human nature are two other aspects that bring depth and ironic twists to “A Good Man Is Hard To Find” and “Good Country People”. In both stories, O’Connor explores the ideals and hypocrisies of the Christian religion and faith. Within O’Connor’s writings, the traditional Christian themes of “fall and redemption, nature and grace, sin and innocence” are explored (Bleikasten 138). In “A Good Man Is Hard To Find”, O’Connor questions the faith and beliefs in Christianity of the grandmother. At the closing of the story, when the grandmother is facing her own death, the Misfit says: Jesus was the only One that ever raised the dead … and he shouldn’t have done it. He thrown everything off balance. If He did what He said, then it’s nothing for you to do but throw away everything and follow Him, and if He didn’t, then it’s nothing for you to do but enjoy the few minutes you got left the best way you can–by killing somebody or burning down his house or doing some other meanness to him. O’Connor 132) The Misfit’s view illustrates the active presence of an Evil force within the society.
The grandmother assumed that if you came from “good people” that you would naturally be a “good person”. In contrast to this view of the old south, O’Connor presents the reader “with a world haunted by the sacred–a sacred with two faces now distinct and opposed, now enigmatically confused: the divine and the demonic”, and “in her fables the battleground where these two antagonistic powers confront each other and fight for possession of each man’s soul”(Bleikasten 139). The grandmother represents the active and faithful Christian servant, and the Misfit is symbolic of the devil or an Anti-Christ figure. Despite all of the good deeds that the grandmother has accomplished, God is not there to help her in her time of need. The old southern and traditional secular view was that good deeds would lead to a good life, but O’Connor recognizes that there is also an active force of Evil and presence of the Devil in this world. O’Connor’s antisecular and antiindividualistic views are also present in her short story “Good Country People”. Within this short story, the reader is presented with two differing views of religion: the devout Christian and the atheist. The devout Christians, Mrs. Hopewell and Mrs. Freeman, represents the old south as does the grandmother in “A Good Man Is Hard To Find”. O’Connor criticizes the old southern Christian for being faithful and trustful in “A Good Man Is Hard To Find”, yet the reader the does not quite know what to make of the ending in “Good Country People”. The story ends with the atheist being decieved by one who pretends to be a Christian. O’Connor could be presenting the reader with the view that one is not able to really tell the difference between “good country people” and Christian or liars and cheats. “Good Country People” can be read as exploiting the idea that one is not able to tell the difference between Christians and non-Christians based on their appearance and actions. The old south puts their trust and hopes into appearances, while the new south is more reluctant and cautious.
This is not to say that they cannot be decieved because the reader sees what happens to Joy/Hulga in the end. Joy/Hulga is an atheist who dismisses all Christian beliefs by saying “in my economy … I’m saved and you are damned but I told you I didn’t believe in God”(O’Connor 286). She compares her realization to the Christian salvation by saying “we are all damned … but some of us have taken off our blindfolds and see that there’s nothing to see. It’s a kind of salvation”(O’Connor 288). Joy/Hulga believes that she is saved from the hypocrisies of the Christian faith, and she represents the new south because she is open to different interpretations. She feels that she as been saved from Christianity, but O’Connor raises the question: is she really saved at all? Joy/Hulga sets off to seduce Pointer, the Bible salesman, and “she imagined that she took his remorse in hand and changes it into a deeper understanding of life”(O’Connor 284). Ironically, it is Pointer that teaches Joy/Hulga the lesson that needs to be learned. He turns on her and steals her wooden leg. In a fit of rage Joy/Hulga bursts out “‘You’re a Christian! ‘ … ‘You’re a fine Christian! You’re just like them all–say one thing and do another. ‘”(O’Connor 290). Joy/Hulga is not able to tell the difference between him and Mrs. Hopewell and Mrs. Freeman. She feels that by setting herself apart from Christianity she is saved from its pitfalls and hypocrisies. In reality, she is not saved from it at all. Pointer returns her comment saying “‘I hope you don’t think … that I believe in that crap! I may sell Bibles but I know which end is up and I wasn’t born yesterday and I know where I am going! ‘”(O’Connor 290). O’Connor presents the reader with a critique of religion and Christianity in both of her stories. Joy/Hulga beleives that all Christians are the same, but O’Connor points out that there are all types.
Pointer pretends to be a Christian in order to prey off of their needs and insecurities. Joy/Hulga is taken in by his charming and trustworthy persona, but she is unable to see his false motives. “Good Country People” points out that people do not always prove to be who they portray. The reader is left doubtful and questions the idea of naturally “good” people and questions value of the Christian faith. While critizing the Christian faith and practices, O’Connor also raises the issue of fallen human nature. The Misfit in “A Good Man Is Hard To Find” and Pointer in “Good Country People” both represent a character of fallen human nature. O’Connor explores the idea of fallen human nature. The Misfit comes from a good family, and he states “God never made a finer woman than my mother and my daddy’s heart was pure gold”(O’Connor 127). O’Connor questions how someone from such a “good family” can turn out to be so evil? Fallen human nature is one explanation posited. The Misfit retorts the grandmother’s argument that he is a good man saying, “Nome, I ain’t a good man … but I ain’t the worst in the world neither”(O’Connor 128). He has the self-realization that he is not a good person. He does not know where it is that he went wrong, but he states, “I never was a bad boy that I remember of … but somewhere along the line I done something wrong and got sent to the penitentiary. I was buried alive”(O’Connor 130). The Misfit admits that he was once good, but he is unable to determine the source of his fallen human nature. O’Connor presents us with another character in “Good Country People” of fallen human nature.
Pointer does not argue that he was once good; instead, he tells Hulga, “you ain’t so smart. I been believing in nothing ever since I was born! “(O’Connor 291). Pointer’s character illustrates that one can be born with a fallen human nature, or he is made that way by society from the time he is born. In contrast to the Misfit’s fallen human nature that comes about when he is older, Pointer began falling the day he was born. The idea of fallen human nature is contrasting to the ideas of the old south.
Good country people” were assumed to always be “good”, and the old south also thought “bad” people were born that way. O’Connor posited the idea that the society in which one lives can influence a person to change. The Misfit was raised by “nice folks”, and the old south would have assumed that he would be nice. The grandmother repeatedly argues that “I know you came from nice people! “(O’Connor 132). Bailey, the grandmother’s son, realizes the situation that they are in, and he knows that the Misfit is not a nice person. In “Good Country People”, Pointer portrays himself as a “good country person”, and he states, “I’m as good as you any day in the week”(O’Connor 290). Pointer dismisses the old south’s view that there are good people in this world, and he argues that he is not a bad person. O’Connor explicitly explores the themes of Christian theology through Pointer and the Misfit in “A Good Man Is Hard To Find” and “Good Country People”. In addition, she presents the reader with the differing generations of the old and new south, and she illustrates the ontrasting views between the two. O’Connor is not afraid to question Christian theology or the Southern culture. Her irony and satire add depth to ther stories, and her deep cultural analysis of the South brings a higher level to her writings. O’Connor also explores the concept of fallen human nature and how it is brought about.
Overall, O’Connor’s works prove to be very in depth in both her social and cultural analysis of the South. She is not afraid to critique the society in which she grew up and lived. Bibliography Asals, Frederick. Flannery O’Connor: The Imagination of Extremity. Athens, Georgia: The University of Georgia Press, 1982. Bleikstan, Andre. “The Heresy of Flannery O’Connor”. Critical Essays on Flannery O’Connor. Ed. Melvin J. Friedman and Beverly Lyon Clark. Boston: G. K. Hall & Co. , 1985. Friedman, Melvin J. Introduction.
Critical Essays on Flannery O’Connor. Ed. Melvin J. Friedman and Beverly Lyon Clark. Boston: G. K. Hall & Co. , 1985. O’Connor, Flannery. The Complete Stories of Flannery O’Connor. New York: The Noonday Press, 1971.
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The Negative Effects in the Hospitality Industry
The negative affect of trends in the leisure industry. In the following essay, the researcher will be concentrating on the negative affects which arise when following the trend in the hospitality industry, in particular online bookings versus the gold old travel agency. Over the years, it can clearly be seen that a trend towards online bookings has been established. Nowadays, all major airplane companies as well as mile collection corporations allow every individual to book trips online. According to Sonja Heller (2007), Customers lured by convenience and promises of the best deal are booking more vacations and trips online. Though, is online booking always the better way to go ahead? Clearly this depends on the type of traveler and the attitude of him. Jane E. Fraser (2008) mentions in an article, that the general rule is that the more complicated and expensive the itinerary, the better it is to book through a travel agent. Bookings made through travel agencies, give the customer the advantage of meeting the agent face to face.
This will give a sense of the agent? s professionalism and may be more likely to take good care of you than someone who could be behind some customer service line. Especially, the older generations, who have not really been face with the exploration of internet, are negatively affected by the trend of online bookings. According to USA Today (2006), customers who want a been – there, done - that knowledge should consult a real person, rather than a website, as it naturally will show the best pictures. Though as travel became more and more vital to the lives of many of us, travel agents in contrast are not able to put up with high demand volume and do not allow enough time to evaluate an offer. For example during peak seasons, bank holidays and general holidays. Following the trend of moving more towards online bookings also leads to the fact as mentioned by Kaukab Smith (2007) many online travel sites advertise for low fares and low prices, but actually at the end of the day, all the attention which has been made to attract you disappears as there are hidden fees such as booking costs, etc. In addition to this, travel websites cannot handle complicated or numerous bookings. Such as Lufthansa or any company in the Star Alliance, does not allow you to book a few tickets at ones as well as 8 months or more in advance. In particular during those economically tough times, customers are interested in spending the least but keeping their living standards high or at least the same. Therefore to conclude, when considering the fact that life expectancy is increasing and the older generations have the monetary finance available as not all of them are affected by the economic crises, concentrating too much on online bookings, will results in wasting profits for some leisure companies.
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Causes of the Challenger Space
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Airbus Case Summary
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Entrepreneur
Table of Contents 1. Introduction – ImageCafe2 2. Clarence Wooten’s Strengths and Weaknesses2 3. Product versus Service-Oriented Focus2 4. Feasibility Analysis2 5. Capital Funding3 6. Conclusion3 7. Introduction – Roxanne Quimby4 8. Idea versus Opportunity4 9. Burt’s Bees Success Story4 10. Relocation to North Carolina: The best solution? 5 11. Conclusion5 12. Introduction – Globant6 13. Globant Challenge6 14. Strengths & Weaknesses6 15. Industry Analysis6 16. Competitors Analysis7 17. Target Market7 18. Globant Industry Segments7 19. Conclusion7 20. Introduction – Indulgence Spa Products8 21. Family Business versus Family Enterprising8 22. Indulgence Issues8 23. Parent Company Concerns8 24. Growth Strategies9 25. Introduction – Quick Lube Franchise Corporation (QLFC)10 26. Super Lube Franchising Model10 27. QLFC Success and Growth10 28. Critical Issues10 29. Was QLFC Suit Justified? 11 30. QLFC/Huston “Summit” Episode 211 31. Bibliography12 Introduction – ImageCafe Clarence Wooten has been motivated to become an entrepreneur since young with a typical childhood dream to get rich. Following his strong academic and technical interests, he founded Envision Design, an award-winning 3-D animation company targeting architects. His second start-up, Metamorphosis Studios, a company that focus on special effects and multimedia presentations ended up in failure like the first venture as he morphed into his third, ImageCafe, a business that designed website templates that appeared to have been designed by high-end professionals. Clarence Wooten’s Strengths and Weaknesses With both of his parents being self-employed and a constant transitioning between homes, school systems and friends at a young age enabled him to become comfortable adapting to different situations in life. Clarence main strength was his high learning curve, accumulating extensive knowledge in computer graphics possessing creative design skills.
Clarence was constantly on the lookout for opportunities and develops ideas, creating businesses to fill it as evidenced by the setting up of Envision Design and Metamorphosis Studios. However, Clarence failed to understand the difference between an opportunity and an idea, as to whether the idea fills a need and meets the criteria for an opportunity because an idea is a thought, an impression or a notion and may or may not meet the criteria of an opportunity (Barringer & Ireland, 2010: 67). The end-result was two-failed entrepreneurial efforts prior to ImageCafe but the effect characterized his ability to persevere through setbacks and failures, giving him a vital learning experience for the third (Barringer & Ireland, 2010: 36). Product versus Service-Oriented Focus By going to a product-oriented service, he understood the two most important elements in any businesses, which are products and customers. While it’s important to think about management, finance, marketing and the like, none f these functions make any difference if a firm does not have good products with the capability to satisfy a wide audience of potential customers (Barringer & Ireland, 2010: 36). It is inevitable in service-oriented business model to encounter payment and commitment problems as in any other industries because service-orientation means supporting customers’ activities and processes, resulting in overlapping service production and consumption where the most important characteristic of services is their process nature and the interaction between provider and customer in the service process (Erwin, 2008). In reality, a business model can be a mix of product and service-orientation focus as these orientations are more different kinds of logic then different characteristics of the offering (Erwin, 2008). Therefore, a physical product can have a service-oriented business model, while a service can have a product-oriented business model (Erwin, 2008). Feasibility Analysis Wooten noticed a technology trend among computer users and corporate companies on their need for creating websites (Barringer & Ireland, 2010: 69). He knew that that in order to obtain a website, one had to either hire a dedicated, full-time web design firm, which was expensive or a DIY method with relatively inexpensive software programs but hindering it’s use is a steep learning curve for its appropriate use. Wooten took advantage of the technological trend and found gap in the marketplace for web design targeting specific market segments, which is the small business firms who could not afford full service web design firms and yet could not afford to erode their corporate image with cheap and unprofessional websites done by DIY methods. It is just not realistic to introduce a completely original product idea into a completely new market, which is too expensive to be a pioneer in each area (Barringer & Ireland, 2010: 112). Wooten knew that he did not have the resources needed to participate in a broad market and by focusing on the small business segment, ImageCafe can avoid head to head competition with industry leaders and can focus on serving this specialized market very well meeting their demands with his innovative product (Barringer & Ireland, 2010: 112). This was a win-win situation for both small business segment and Wooten. Using their extensive knowledge of high-end software, HTML, web programming and artistic ability for developing graphical user interfaces along with their previous experience in the same field, Wooten understand the markets in which the firm will participate (Barringer & Ireland, 2010: 114). Capital Funding All new ventures alike, in order to build a high potential venture; he needs to raise enough capital because a company’s burn rate can cause several complications until it reaches profitability or growth capability even if it has good products and satisfied customers given the fact that he had a small team of two programmers working on the back-end whom Wooten has agreed to pay $30,000 in stock or cash once capital had been raised (Barringer & Ireland, 2010: 341). Wooten did not want to deal with people who did not understand or care about their long-term business vision just like the way he approached WSGR, the law firm for their legal services and when he rejected Walker as an angel investor after his request for relocation of the new company and payments paid based on milestones.
With WSGR, Wooten developed a strategy for engaging potential investors as they setup several meetings for him using their professional recommendations with venture capital firms in Silicon Valley. WSGR stand to earn $40,000 in legal fees should he manage to receive sufficient funding while enabling Wooten to secure the funding needed should things go well, fulfilling mutual interests. Wooten went one step further; making presentation and providing investor a completed business plan as evidenced by his approach towards Bill Daniels (Barringer & Ireland, 2010: 348). Wooten went for equity financing, wanting $300,000 in capital, based on a $3,000,000 valuation, giving up 10% of the company equity without being aught short on cash yet paying for capital it doesn’t need.
Moreover, appearing uncertain about the amount of money required to support his venture make a poor impression to potential lender or investor (Barringer & Ireland, 2010: 345). Conclusion Was $10,000,00 valuation the cause for ImageCafe’s inability to secure further funding to continue the fight resulting in the financial uncertainty even though the product was on track? Introduction – Roxanne Quimby Roxanne is a young, enthusiast entrepreneur living at a subsistence level in the backwoods of Maine, whose creative ideas and entrepreneurial spirit lead her to an opportunity and create a new business around bee’s wax products and derivatives, growing it into a multi-million dollar venture within a few years. With her company experiencing profitable growth, Roxanne faces a major issue of re-location to North Carolina and the offer of a significant strategic sale. Idea versus Opportunity Barringer & Ireland (2010: 66) defined opportunity as a favorable set of circumstances that creates a need for a new product, service or business. An idea is a thought, an impression or a notion or form part of an opportunity (Russell, 2003; Barringer & Ireland, 2010: 67). According to Russell (2003), an idea is of academic interest only when judge in isolation and is inert, until combined with the other factors to create an opportunity. Generating idea is the entrepreneur’s first step to realizing a favorable opportunity where an idea must interact with other components to create an opportunity, but many ideas need to be assessed till the right one is chosen to become part of an opportunity (Russell, 2003). According to Russell (2003), idea might be a great innovation or simply a more effective way of doing something.
Insight or exploration may generate an idea or may be accidentally stumbled upon. Russell (2003) states that opportunity construction is the next step in the entrepreneurial process where idea is positioned in the real world. When idea is combined with marketing and economic factors to form the opportunity, the likelihood that a gap is determine between market needs where wants can be filled by creating businesses (Russell, 2003; Barringer & Ireland, 2010: 66). A real need in the market must be either satisfied or created where the timing should be right, adding value for the buyer with both profit and growth potentials high for the entrepreneur (Russell, 2003). More often than not, opportunities are more important than the ideas themselves in the real world. Burt’s Bees Success Story Roxanne acquired an early entrepreneurial education through her father by working on his numerous entrepreneurial projects and selling her own hand-made crafts to raise money for her college education. Although generally not interested in business but because of her character, she developed a passion for the business and remained passionate about her business idea about Burt’s Bees (Barringer & Ireland, 2010: 33 – 35). Roxanne stated, ‘ I liked buying and selling things well, adding value. She wanted control and self-accountability reflecting strong entrepreneur characteristics as she stated, ‘ I loved the freedom of starting a business, of not knowing how it would turn out. ’ Roxanne had a partner who shared her vision where there is no conflict between them about the business. Burt’s demonstrates an ability to adapt to the evolving needs of the business and the risks along with it, sharing the same perspectives as Roxanne as he supported her decision to relocate from Maine to North Carolina. ‘ Burt was my main sounding board and gives me a lot of moral and psychological support. In all this time, there’s never been a conflict between us. ’ said Roxanne. As a first-mover in the market carry a significant amount of risks but Roxanne knew that the product is desirable and serves a need in the marketplace with the candle an initial hit. She has accidentally tapped on an un-served market in urban areas where people has an unconscious desire for more simplicity and their products speak to that need.
Roxanne came up with a marketing strategy to expand the product line to include other handmade crafts and beeswax-based products like lip balm to serve the same market. Roxanne adopts a bootstrapping approach to finance the company through thriftiness and retained profits, as she is a non-believer of going into debt to keep a company going. Being a cash-aware person, Roxanne refused to sell products to any retailer who didn’t pay its bill within the required 30 days. During the growth stage of Burt’s Bee, the minimal amount of resources were used where household kitchen appliances were used for the manufacturing processes and messages for Burt’s Bees orders were taken at a local health food store. Roxanne willingness to sleep at the back of pickup truck for trade shows and the rental of an abandoned one-room schoolhouse with no utilities for $150 demonstrates the efficient use of resources. This approach proved to be a success as the company since the beginning of 1987 has never once dipped into the red, had always turned a profit and had always increased with large number of national retailers stocking Burt’s Bees’ products.
Relocation to North Carolina: The best solution? Burt’s Bees remaining in North Caroline will allows the company to grow, realize its full potential and become ready for harvesting for a price that is acceptable to both Roxanne and Burt. Transportation costs and payroll taxes are significantly lower in North Carolina than in Maine but what was more compelling though was the large supply of skilled labor, which will enable Roxanne to hire a management team with relevant expertise would release her to consider broad management issues and support her in business decisions, rather than to involve herself in direct supervision of the product workers. From a cost and manufacturing perspective, operations in North Caroline will have to change from manual production-oriented methods to automated manufacture-oriented in order to control labor costs and to ensure future revenue is not limited as in Maine. Another critical factor was that a large percentage of the country’s population live within a twelve from the North Carolina plant, which will places Burt’s Bees products closer to the majority of its customer base. Additionally, Burt’s Bees could retained its original product line in Maine that make the company so successful since the governor of Maine had said to call him should Roxanne changed her mind about North Caroline. She could make use of this opportunity to negotiate a deal to mitigate Burt’s Bees’ tax, transport and employment costs. Since the whole product line in North Caroline is going to change and refocus on skin care products, it would be useful to make use of Burt’s Bees’ valuable branding in Maine to concrete and market their new products line in North Caroline to the existing urban customers, making it easier for them to penetrate existing and potential markets. Conclusion As suggested above, moving to North Caroline and retaining the production line at Maine would have great advantages, such as maximizing Burt’s Bees’ potential in terms of greater profit and yet fulfilling Roxanne sense of ethic responsibility towards the Maine’s employees.
Introduction – Globant Globant is a four-year-old venture making business headlines in Argentina as the largest independent information technology (IT) outsourcer in the country. Both Martin Migoya and co-founder Guibert Englebienne are network entrepreneurs who fueled sales by tapping their personal networks, and by successfully following up on every lead and referral that had come their way. Their sustained push for wins, however, has resulted in such a broadly diversified portfolio of clients and service offerings that they risk being marginalized by larger, more focused competitors.
Globant Challenge One of the early challenges for Globant was that there was a lack of knowledge about their country among many of their potential clients. In addition, historical fears of criminal activity and political instability have required Globant to do additional explaining to convince potential investors and clients. Another significant challenge was with Globant’s broadly diversified portfolio of clients and service offerings as tier one prospects were choosing IT service partners who could demonstrate a deep and wide understanding of their particular industries, which were not to their advantage. Strengths & Weaknesses Globant place an emphasis on supporting and contributing to open source technologies for NET and Java applications and by utilizing agile development methodologies. The other lies in their recruitment strategy, hiring a wide variety of backgrounds and technological skill sets such as Java, NET, LAMP and Oracle, employees’ knowledge domains differed across platforms such as Linux, Unix and Windows as well as system administration experience and application design work through existing employees for referrals. Both of this emphasis gives Globant the ability to be in constant contact with their clients globally, staying relevant to their clients or industries changing needs and requirements, enabling them to provide any skill set a client might request as well as being able to attract talent with industry-specific expertise.
Their weakness was language barriers, which was the level of English proficiency as they go into geographical and eventually international expansion. By providing free English lessons to help employees, it was apparent that they wanted staff that can make a valuable contribution and it’s not good enough to hire someone who is well intended but who doesn’t precisely fit the job (Barringer & Ireland, 2010: 316 -17). All this created such a broadly diversified portfolio of clients and service offerings such that Globant is in danger of losing focus on the market to their competitors. Industry Analysis Outsourcing become a business trend as more firms want to save on cost and time, access to expertise that were not available internally and give back organizations the ability to refocus on core business functions (Barringer & Ireland, 2010: 173). Firms simply wanted to offload areas of work that were not central to their business models, allowing them to maximize their efforts in areas where they could best differentiate themselves. There was thousands of IT outsourcing companies in the world where competition was fierce and growing. Differentiation is very difficult given the sheer size of the industry and because there were usually several similar companies for any particular specialty or segment. Globant was completing in global industries with experiencing significant international sales at different geographical locations and will have to note that global strategy depends on how similar customers’ preferences are from market to market (Barringer & Ireland, 2010: 185). Competitors Analysis Globant faced a number of direct competitors who offer identical services and going after the same customer base, many with North American sales offices in Massachusetts. They also faced future competitors who have set up development centers in Uruguay, Brazil and Russia. It faces difficulty in winning over the loyal customers of its major competitors even if it does offer better services (Barringer & Ireland, 2010: 186). Target Market By targeting specific industries as well as geographic regions, Globant can keep abreast of technological and business trends for its market, developing core competencies pertaining to its specific marketplace. For Globant with such diversified portfolio of clients and service offerings, it has to begins breaking itself down into more narrowly focused markets to regain its competitive edge. Globant Industry Segments Given Globant’s software development expertise with open source architecture as another of their strong technology differentiator, their industry segments should be based on companies that used technology as a competitive advantage. The high-tech segment would provide the most value as reference customers for Globant as California represented about 30% of the high-tech market and contained many of the big-name companies.
Firstly, for most of the larger firms, the greatest outsourcing need was for customization expertise in packaged and prepackaged software such as SAP and Oracle, which Globant could provide for. Secondly, the segment also had strong interest in using open source technologies that Globant is supported of, which is also their expertise. The travel industry has undergone a tremendous shift in recent years toward online commerce with off shoring having successful experiences with it. With the growing need for travel websites to cut costs, Globant can allow the segment to differentiate themselves through innovative technologies, breadth of functionality and international capabilities with their expertise. The financial services are a midsized market where competition is fierce driven by new offerings and innovations. Many of the new products are technology based and diverse. There were also new areas of interest for exploration where build decision was more pertinent in the midsized segment that Globant could provide for with their expertise.
Conclusion Their strategy of ‘ Recruit the best local talent and deliver high-quality solutions while ensuring superb customer service’ can define the path a company takes and acts as its compass to redevelop their focus and tactical approach to their future business development in order to complete. Introduction – Indulgence Spa Products Robert and Ulissa Dawson family enterprise, Dawson Products, was one of the last remaining privately held black enterprises in the personal care products industry, making them role models in the African-American community. They had taught their daughters, Angela, 39, and Jimella, 32, to be self-sufficient at a young age. Bright, energetic, and independent, the talented young women have become key figures in the growth trajectory of this family enterprise but now Jimella wants to strike out on her own rather than stay and grow the core family business. Family Business versus Family Enterprising According to Bellet et al. (2010), family business has been defined as a business that is owned and managed or controlled by one or more family. A more detailed definition define family firms as organizations where two or more extended family members influence the direction of the business through the exercise of kinship ties, management roles, or ownership rights (Bellet et al. , 2010). Bellet et al. (2010) stated in his article that the connection between entrepreneurship and family business is widely unrecognized but families are vital and supportive environments for entrepreneurial behavior. Entrepreneurship research has also revealed that family support and the presence of self-employed parents are important influences in venture initiation and business ownership (Bellet et al. , 2010). In fact, the family business is quite simply the “wider-lens” view of entrepreneurship as the initial business efforts of one or more family members grow and change over time.
According to the definition above, this case in question was a family business because they termed Dawson Products as the parent company, which means that Indulgence was a subsidiary of Dawson Products. For her continuous contribution to the family business, Jimella received financial support of $250,000 from Dawson and allow her to use the Dawson business infrastructures to support Indulgence and manufacture most of her product lines. Indirectly, this also means the Dawsons could influence the fate of Indulgence through the exercise of kinship ties, management roles or ownership rights.
Indulgence Issues Although Jimella did a competitors analysis for Indulgence, she did not realized that her targeted market was too broadly diversified by positioning itself as a company that creates products for all women. Even though she had created competitive marketing strategies, without a clearly defined target market, she has failed to develop core competencies pertaining to its specific marketplace. Despite the distributor’s success in building a base of white clients, most Indulgence recruits were African American, making it even harder to penetrate the market, struggling to meet her aggressive growth goals. Parent Company Concerns Dawsons Products succession strategy was disrupted by Jimella decision to set up Indulgence. They wanted Dawsons Products to remain a family business without the interference of outsider even if it is appointed from within the company, wanting to avoid being a victim of corporate buyouts by white-controlled multinational companies. Growth Strategies Jimella has to understand that not all business have the potential to be aggressive growth firms unless ones that can solve a significant problem or have a major impact on their customers’ productivity or lives. By setting an aggressive growth goals of attracting 100 beauty advisors and $100,000 in monthly sales and profitability was unrealistic outlook of how fast the business is expected to grow (Barringer & Ireland, 2010: 451). Jimella should tapped on Dawsons Products branding and launch Indulgence as a product that adds value for existing customers, focusing on existing target market such as the African American (Barringer & Ireland, 2010: 483). Conduct feasibility analysis and market research in focus groups and surveys, making incremental adjustments as and when appropriate (Barringer & Ireland, 2010: 483). She could increase the market penetration of the product through increasing advertising expenditures, offering sales promotion, lowering the price or increasing the size of the workforce For example, Jimelle can engage white celebrity endorsers to demonstrate and promote her Indulgence products in the white-dominated, competitive market, which she find it extremely difficult to penetrate.
Next, Jimella can expand the product line in making additional versions of the Indulgence products so that it will appeal to different clientele since she is pursing broadly diversified clients. For example, Indulgence may make another version of a low-end product, which is a little better, and then make another version of it that represent the top of the line to appeal to the different color groups. This would allow Indulgence to take one product and extend it into several products without incurring significant additional development expense. Lastly, Jimella can purse an external growth strategy by forming a marketing alliance with Dawson Products to gain access to their distribution channels in order to increase sales of Indulgence products (Barringer & Ireland, 2010: 496). In this way, Dawson Product can increase economies of scale and reduce per unit cost and benefits by adding products to its product line, increasing its attractiveness to those wanting to purchase a wide array of products from a single supplier (Barringer & Ireland, 2010: 497). This is a win-win situation for both Indulgence and Dawsons Products because this allows the both of them to focus on their specific area of expertise and partner with each other to fill their expertise gaps. This approach is most appropriate for Indulgence who does not have he financial resources or time to develop all the competencies they need to bring the final products to the market quickly (Barringer & Ireland, 2010: 497). Most importantly, Jimella can remain working in Dawson Products as part of the original succession strategy in growing the core family business and yet retaining control over decision-making at Indulgence. Introduction – Quick Lube Franchise Corporation (QLFC) QLFC is a franchisee of Super Lube, the number one franchisor in the quick lube and oil-change business. As one of the co-founders of Super Lube before, Frank Herget is now concerned about his relationship with Super Lube because Huston Oil, an industry leader, has acquired a 80% interest in Super Lube and subsequently has replaced its top management. Herget believes there is a basic conflict between QLFC’s objectives as a franchisee and Huston’s objectives as both QLFC’s franchisor and the exclusive supplier of QLFC’s oils and lubrication products.
After an unsatisfactory meeting with Huston’s executives, Herget’s company sues Huston, which denies the charges and files a countersuit. Super Lube Franchising Model Super Lube has adopted a business format franchise system that offers a franchisee the rights to engage in a business system by using the franchisor’s trade name, trademark, service marks, know-how and method of doing business. In return, the franchisee has to pay Super Lube in the form of a percentage of top-line sales (Barringer & Ireland, 2010: 514). Between Super Lube and its’ franchisees, in placed was a area franchise agreement that allowed service centre development and operating rights to a geographical area covering parts of California and Washington with the potential for over 90 service centers (Barringer & Ireland, 2010: 515). QLFC Success and Growth With his vision to turn QLFC into a big chain of Super Lube service centers and identifying a high growth opportunities beyond the location issues, Herget demonstrate effective leadership and management skills in the success of QLFC by recruiting former Super Lube employees in senior management positions allowing them to purchase stock in QLFC with cash realized by selling their stocks in Super Lube. By doing this, he has not only brought much needed business expertise to QLFC but also use the funds from them to inance QLFC’s growth with both equity and debt. In order to finance further high growth opportunities, Herget utilized real estate partnerships and struck a deal with Huston Oil for $6. 5 million of subordinated debt, which QLFC in return has to commit contractually to purchasing Huston products. Critical Issues Franchisees grew increasingly discontented with Super Lube mounting financial problems when the franchisor failed to perform its contractually obligated tasks. With the subsequent Huston deal, the new appointed CEO of Super Lube took a hard-line position on how the franchise system would operate where the focus of the franchisor would be on motor oil sales instead of service center-level profitability. This is a huge red flag for the franchisee as to the core business direction of the franchisor, which is different from its original business strategy.
With business focus in confusion and the lack of clarity from Huston Oil rejecting historical relationship between Quick Lube Franchise Corporation and Super Lube, the franchisees invariably feel stress by the situation and lead to negative conflicts. Was QLFC Suit Justified? Yes, because the franchise relationship between Super Lube and QLFC has changed with Huston acquiring 80 percent of Super Lube shares. Huston has now become QLFC’s man franchiser and exclusive oil supplier. With Huston primary interest in selling oil, QLFC got limited growth for future expansion as a franchisee that is interested in their profitability, creating a significant potential conflict now if not in future. These conflicts have translated into legal issue such as breach of contract. However, there is a risk that Huston may stop the financing for QLFC’s real estate partnerships affecting their growth as a company and whether Herget can sustain his resources against a multibillion-dollar company. QLFC/Huston “Summit” Episode 2 Assuming that Herget decides to meet with Huston, he should try to negotiate on the rights to buy oil from other suppliers so that they are not totally dependent on Huston for business survival and yet meeting their interest of maintaining service center-level profitability. To enhance and protect future profitability, Herget should try to get an exclusive guarantee from Huston that oil price will never be more than the price that QLFC can get from other suppliers. QLFC is a growing business, but its growth has slowed in the last 3 years with its net income peaked at $764,794 in 1990, and fell to $532,640 in 1991, which was substantially below its budgeted net income. This indicates that the strife with Huston is taking its toll on both revenue and income. If the above fails to work out, Herget should consider selling QLFC to Huston to avoid becoming a failed business venture, which would be the ultimate ending since business visions differed and both parties failing to find common ground to compromise.
However, prior to this meeting, Huston has to do some risk assessment in the event that the case really goes to court and the jury finds in favor of QLFC? This will enable QLFC to walk away from its franchise agreement with Super Lube with Huston standing to lose the 7 percent royalty, which is about $2. million. Huston Oil has an advantage in this case based on U. S. legal rules and regulations under franchise law because according to Barringer & Ireland (2010: 533), franchisor has no fiduciary obligation to its franchisees, meaning that jury would always act in their best interest of the franchisees.
Barringer & Ireland (2010: 533) further state in the book through Robert Purvin, an experienced franchise attorney, While the conventional wisdom talks about the proactive relationship of the franchisor to its franchisees, virtually every court case decided in the U. S. has ruled that a franchisor has no fiduciary obligation to its franchisees. Instead, U. S. courts have agreed with franchisors that franchise agreements are ‘arms length’ business transactions. Bibliography Barringer, Bruce R. , & Ireland, R. Duane (2010): Entrepreneurship, New Jersey: Prentice Hall Bellet, William, Dunn, Barbara, Heck, Ramona K. Z. Parady, Peter, Powell, John, Upton, Nancy Bowman (2010) Family Business as a Field of Study [WWW] Available from: https://www. fambiz. com/Orgs/Cornell/articles/real/ifbpa. cfm [Accessed 29/08/10] Erwin, Fielt (2008) A service-oriented business model (Article). Weblog [Online] 5th March. Available from: https://fieltnotes. blogspot. com/2008/03/service-oriented-business-model. html [Accessed 27/08/10] Russell, Davison (2003) Small enterprises [WWW] Available from: https://www. allfreelancework. com/images/portfolioFile/35744. pdf [Accessed 28/08/10]
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Financial Statement
CHAPTER ONE INTRODUCTION 1. 1BACKGROUND OF THE STUDY For the past fifteen years Ecobank Ghana Limited has been consistently been at the forefront of Ghana Banking Industry. It has won more domestic recognition than more of its much older competitors; grown into what was hitherto Ghana’s largest merchant bank; and gone on to become one of the first bank in the country to become universal bank, offering commercial as well as merchant banking products and services. Ecobank Ghana Limited has nearly monopolized the most converted bank of the year award conferred annually at the Ghana Banking Awards. The bank has won this prestigious award for five times in the years 2001, 2002, 2003, 2005 and 2006. These achievements of Ecobank Ghana Limited were made possible by analysis of its financial performance. The impact of financial analysis on the performance of the banking industry has been discussed and debated upon by many scholars in the field of finance. Researchers have adopted measures like analyzing the relationship between organizations investment in human resources development and their performance in analysis financial performance.
Financial statement analysis can be a yardstick to measure an organization’s level of productivity and the level of contribution it should supposedly make to the development of an economy, all other things been equal. Critical assessment and analysis of financial performance should be the concern of any individual or group of people running financial institutions. Wild, Bernstern and Subramanyam (2001), defines financial statement analysis as the application of analytical tools and techniques to general-purpose financial statements and related data to derive estimates and inferences useful in business analysis. Thus financial statement analysis involves the use of simple and mathematical techniques, an understanding of accounting and appreciation of business strategy to gain insight into the reporting company’s history, current position and future prospects through examination of the company’s financial statement. The main function of the financial statement of a company is to provide information that will enable shareholders and loans creditors to evaluate the performance and financial position of a company. However, the absolute amount of profit or assets and liabilities, show in the financial statements is not usually a particularly meaningful criterion for evaluating the performance or financial position of any business. The primary financial statements of a company mostly analysis by users are;
• Profit and Loss Account
• Balance Sheet
• Cash Flow Statement Financial statement analysis consists of three broad areas, namely; profitability analysis, risk analysis and analysis of sources and uses of fund.
Financial ratios are the fundamental analytical tools for interpreting financial statements. With the aid of ratios one can determine the ability of a company to meet it current obligation and the profitability of the company. A good working knowledge of financial statements analysis is desirable simply because such statements and ratios derived from those statements are the primary means of communicating financial information. History of Ecobank Ecobank Ghana (EBG) was incorporated on January 9, 1989 as a private limited liability company under the Companies Code to engage in the business of banking. EBG was initially licensed to operate as a merchant bank by the Bank of Ghana on November 10, 1989. It commenced business on February 19, 1990. EBG has grown consistently over the years to become one of the leading banks in Ghana and a well-recognized brand in the Ghanaian banking industry. EBG acquired a universal banking license in 2003 and has since expanded its geographical reach and broadened its scope of financial services. EBG is a subsidiary of Ecobank Transnational Incorporated, a bank holding company which currently has twelve (12) subsidiaries across West and Central Africa. EBG itself currently has three wholly-owned subsidiaries, which offer a variety of non-banking financial services to complement EBG’s broad range o banking services. The subsidiaries are Ecobank Investment Managers Limited, Ecobank Stockbrokers Limited and Ecobank Leasing Company Limited The Company’s Mission and Vision EBG’s mission is to become a strategic part of a world-class African banking group.
The bank’s vision is to provide its customers convenient, accessible and reliable banking products and services. In line with this EBG seeks to create a unique Ghanaian institution through a determined focus on its customers, employees and shareholders and an absolute commitment to the achievement of excellence in the delivery of financial services. The bank therefore seeks to apply the following principles to its business decisions and conduct: Treat each customer as a preferred customer; Invest in training and development of its staff; Deliver products and services which respond to and exceed customer expectations; Develop markets and products to maintain the bank’s competitive advantage; Deliver superior returns to its shareholders; Maintain high standards of ethics and regulatory compliance at all time; Authorized Business Ecobank is authorized to: To carry on the business of banking in accordance with the provisions of the Banking Act 2004 (Act673) (the Banking Act) or any statutory modification or re-enactment thereof for the time being in force, including the following namely, borrowing, raising or taking up money lending or advancing money, discounting, buying, selling and dealing in foreign, currencies, bill of exchange, promissory notes, coupons, drafts, bills of lading, warrants, debentures, certificates, scrip and other financial instruments and securities, whether transferable or negotiable, or not; granting and issuing letters of credit, guarantees, indemnities and circular notes; buying, selling and dealing in bullion and specie; acquiring, holding, issuing on commission, underwriting and dealing with stocks, funds, shares, debentures, debenture stock, bonds, options, obligations, securities and investments of all kinds; the arrangement and syndication of loans and advances; receiving money and valuables on deposits, or for safe custody, or otherwise; collecting and transmitting money and securities, financing trade, managing property, and transacting all kinds of agency business commonly transacted by bankers. To undertake export development and financing, intermediation of international transactions, trade development and promotion, particularly within the ECOWAS and African Region, and provision of advisory and financial services for small and medium scale industries including mining, agricultural production and development and other priority areas in the economy. To undertake and execute any trusts, the undertaking whereof may seem desirable, and also undertake the office of executor, administrator, receiver, treasurer, registrar, and to keep for any company, government authority, or body, any register relating to any stocks, funds, shares or securities, or to undertake any duties in relation to the registration of transfers and the issue of certificates. To assist in the establishment, promotion, privatization, recapitalization or liquidation of associations, companies, syndicates and undertakings of all kinds, and to secure by underwriting or otherwise the subscription of any part of the capital of any such association, company, syndicate or undertaking, and to pay and receive any commission, brokerage or other remuneration in connection therewith; and undertake general corporate financial services. Engaging in development financing or acquiring or taking by subscription or by purchase or otherwise and the holding of, shares or stock of, and investing in the securities of any company engaged in development financing or any undertaking in Ghana or elsewhere having similar objects as may be deemed by the company to be likely to advance, either directly or indirectly. (www. ecobank. com) 1. 2STATEMENT OF THE PROBLEM Most people consider the banking institutions as financial sound and profit oriented without checking the nitty-gritty of their operations. This is because Banks being service providers and for that matter their product being intangible; the stakeholders cannot promptly deduce the financial performance by simple observing the product or from the physical structure of the banks. Though the Banking Industry is one of the most viable industry in Ghana, its performance has been vital and essential to investors, customers, employees and the government.
This is why the analysis of financial statement has become important in the banking industry so as to reveal financial strength and weakness in the banking industry. It therefore, becoming necessary to analyze the financial performance and for that matter the contribution of bank such as Ecobank Ghana Limited to date, in order to make the rightful judgments of what is happening in the banking industry. 1. 3RESEARCH QUESTION It is proposed in this study to research into financial statements of Ecobank Ghana Limited from 2004 to 2007 considering the following questions:
• What has been the overall effectiveness of Ecobank?
• What is the level of profitability of Ecobank Ghana Limited?
• What is the level of liquidity of Ecobank Ghana Limited?
• Do financial ratios have any effect on decision making? 1. 4OBJECTIVES OF THE STUDY The general objective of the study is to examine the effect and relevance of financial statement analysis on the performance of the banking industry in Ghana. Other objectives of the study are: o To assess how profitable Ecoobank has been in its operations. o To assess the ability of Ecobank to meet its obligations as and when they fall due. o To examine the benefits and limitation of ratio analysis as a tool in interpreting account. o To examine the performance of management of Ecobank Ghana Limited. 1. 5SIGNIFICANCE OF THE STUDY It is hoped that the result of this research will help the management of Ecobank Ghana Limited and other Commercial Banks to take new measure in improving their financial performance. Thus it will serve as a source of information to Ecobank Ghana Limited and other Commercial Banks in Ghana to evaluate their financial performance vis-a-vis the contribution they make to the development of Ghana. Other researchers who may be studying issues that pertain to financial statement analysis would also find this study helpful. It could serve as a source of inspiration and information for their study. It is also hoped that the outcome of this study will be helpful to practitioners and students in Accounting and Finance to upgrade their knowledge on financial statement analysis. 1. 6SCOPE OF THE STUDY The study covered analysis of the financial statements of Ecobank for the past four years (2004 – 2007) using ratios. Data and information used for this study was the financial statements of Ecobank Ghana Limited for the specified period. In addition the managing director of Ecobank was interviewed to find out the uses and limitations of financial statement analysis in decision making. 1. 7ORGANIZAION OF THE STUDY The study was divided into five chapters. Chapter one was about the introduction. It gives the background of the study, statement of the problem, research question, and objectives of the study, scope of the study and how the study has been organized.
Chapter Two reviewed various works related to this topic. The review analyzed, criticized and commanded certain studies that have been done prior to this study. Chapter Three focused on the methodology adopted for this study. It was about the data collection method, population and sample and the types of ratios used in the analysis. In Chapter Four, detail analysis of the financial statement of Ecobank Ghana Limited was done using financial ratios and trend analysis. Findings or results form the analysis were discussed using appropriate graphs.
Chapter Five is the concluding chapter and here lessons from the study were drawn. Conclusion was based on the finding of the objectives and recommendation was made. CHAPTER TWO LITERATURE REVIEW 2. 1 FINANCIAL STATEMENTS According to Chesnick (2000), a brief review of cooperative financial statements is warranted before starting a discussion of financial analysis. Financial statements provide certain basic information that focuses on the entity as a whole and meets the common needs of external users. Three main financial statements are required from businesses; a statement of financial position (balance sheet), a statement of activities (operating statement), and a statement of cash flows. The balance sheet states the cooperative’s assets, liabilities, and member’s equity as of a particular date. The stated liabilities indicate the amount owed and are stated at cost.
Member’s equity is the difference between assets and liabilities. The Statement of Cash Flows indicates cash receipts and cash disbursements during the accounting year.
The Statement of Cash Flows summarizes the operating, investing, and financing activities of a business enterprise during an accounting period and completes the disclosure of changes in financial position that are not readily apparent in comparative balance sheets and income statements. One additional financial statement that is frequently available in the annual reports issued by cooperatives. The statement of Changes in Members Equity describes how various equity accounts are affected during the business cycle. 2. 1. 1 Balance Sheet. According to Meyer (2006), the balance sheet relates to an entity’s financial position at a point in time, and the income statement relates to its activity over an interval of time. The balance sheet provides information about an organization’s assets, liabilities, and owners’ equity as of a particular date namely, the last day of the accounting or fiscal period.
The format of the balance sheet reflects the basic accounting equation: Assets equal equities. Assets are economic resources that are expected to provide future service to the organization. Equities consist of the organization’s liabilities, which are its obligations together with the equity interest of its owners. Assets are categorized as current or long-lived. Current assets are usually those that management could reasonably be expected to convert into cash within one year; they include cash, receivables (money due from customers, clients, or borrowers), merchandise inventory, and short-term investments in stocks and bonds. Long-lived assets include the land, buildings, machinery, motor vehicles, computers, furniture, and fixtures belonging to the company. Long-lived assets also include real estate being held for speculation, patents, and trademarks.
Liabilities are obligations that the organization must remit to other parties, such as vendors, creditors, and employees. Current liabilities generally are amounts that are expected to be paid within one year, including salaries and wages, taxes, short-term loans, and money owed to suppliers of goods and services. Non-current liabilities include debts that will come due beyond one year, such as bonds, mortgages, and other long-term loans. Whereas liabilities are the claims of outside parties on the assets of the organization, the owners’ equity is the investment interest of the owners in the organization’s assets. 2. 1. Income Statement The traditional activity-oriented financial statement issued by business enterprises is the income statement.
Prepared for a well-defined time interval, such as three months or one year, this statement summarizes the enterprise’s revenues, expenses, gains, and losses. Revenues are transactions that represent the inflow of assets as a result of operations that is, assets received from selling goods and rendering services. Expenses are transactions involving the outflow of assets in order to generate revenue, such as wages, rent, interest, and taxes. A revenue transaction is recorded during the fiscal period in which it occurs. An expense appears on the income statement of the period in which revenues presumably resulted from the particular expense (Meyer, 2006). 2. 1. 3 Cash Flow Statement A third important activity-oriented financial statement is the statement of cash flows. This statement provides information not otherwise available in either an income statement or a balance sheet. The statement of cash flows presents the sources and the uses of the enterprise’s cash by classifying each type of cash inflow and cash outflow according to the nature of the type of activity, such as operating activities, investing activities, and financing activities.
The statement’s operating activities section identifies the cash generated or used by operations. Investing activities include the cash exchanged to buy and sell long-lived assets such as plant and equipment. Financing activities consist of the cash proceeds from stock issuances and loans and the cash used to pay dividends, to purchase the company’s outstanding shares of its own stock, and to pay off debts (Meyer, 2006). 2. 2 FINANCIAL STATEMENT ANALYSIS Penman (2001), defines financial statements analysis as the method by which users extract information to answer their questions about the firm.
This definition implies that financial statement analysis help users of financial statement to know the statements deficiencies, what they reveal and what they do not reveal. According to Hawkins (1998), the results of financial statement analysis can play an important role in; credit decisions, valuing securities, analyzing competitors and appraising managerial performance. Brigham and Houston (1999), look at the objectives of financial statement analysis as From an investor’s standpoint; predicting the future is what financial statement analysis is all about. While from management’s standpoint; financial statement analysis is useful both to help anticipate future conditions and more important, as a starting point for planning actions that will affect the future course of events. The amount of information contained in a cooperative’s financial statements is voluminous, spanning the cooperative’s internal operations, its relationship with the outside world, and its relationship with its member or patrons. To be useful, this information must be organized into an understandable, coherent, and sufficiently limited set of data.
Financial statement analysis can be beneficial in this respect because it highlights a firm’s strengths and weaknesses. Data from a cooperative’s financial statements reveal the company’s financial condition. Examining common size statements, cash flows, and financial ratios provides management, members, and creditors a glimpse of the cooperative’s strengths and weakness. The value of a particular ration compared with a target range of values indicates the firm’s financial health, and also identifies potential problem areas. Analysis can also indicate areas of mismanagement and potential danger (Chesnick, 2000). The Flex Monitoring Team (2005), provide that financial statement analysis is important to boards, managers, prayers, lenders, and other who make judgments about the financial health of organizations.
According to them one widely accepted method of assessing financial is ratio analysis, which uses data from the balance sheet and income statement to produce values that have easily interpreted financial meaning. Establishing dimensions of financial performance provided an overarching structure for identification of relevant financial indicators. Different financial indicators measure different dimensions of financial performance, such as profitability and liquidity, and all of this information is needed to make an informed judgment about the financial health of an organization. For example, profitability indicators may indicate an organization id earning a profit, but liquidity indicators may show it is having difficulty paying its bills and capital structure indicators may show a large increase in debt. 2. 3RATIO ANALYSIS Powell (2003), defines financial ratio as the relationship of one figure in the accounts to another. Ratios are expression of the relationship between two variables. In order to produce a meaningful analysis he ratios calculated should be base on figures that have a logical connection in that industry. In addition, ratio is largely meaningless unless it is judge in the context of the industry involved and in comparison with something else, either the same ratio from years from other companies in the same industry. According to Gallagher and Andrew (2003), financial ratio is a number that expresses the value of one financial variable relative to another.
Thus financial ratio is the result you get when you divide one financial number by another. They provide that, ratios may be used to compare.
• One ratio to a related ratio
• The firm’s past and present performance
• The firm’s performance to similar firms. Salmi and Martikainen (1994), present a review of the theoretical and empirical basis of financial ratio analysis. In particular, the review sought to answer two questions relating to four selected fields in financial ratio analysis literature. What are the major research lines in financial statement analysis research? What is the logical chronology and what are the central results in the primary for of these fields? The motivation for the review was the fact that the interested parties need to know the nature and the quality of the financial information available and how to interpret and utilize it in their decision making. They conclude that “A common feature of all the areas of financial ratio analysis research seems to be that while significant regularities can be observed, they are not necessarily stable across the different ratios, industries, and time periods”. Breadley, R and Myers S (1984), provides four categories of ratios that are typically used in analyzing financial position:
• Liquidity
• Leverage
• Activity
• Profitability Liquidity ratios measure the ability to fulfill short-term commitments with liquid assets.
Such ratios are of particular interest to the cooperative’s short-term creditors. The ratios compare assets that can be converted to cash quickly to fund maturing short –term obligations.
The current ratio and the quick ratio are the two most commonly used measures of liquidity. For most cooperatives, these two ratios provide a good indication of liquidity. However, these ratios do not address the quality of liquid assets. Leverage ratios measure the extent of the firm’s “total debt” burden.
They reflect the cooperative’s ability to meet both short-and long-term debt obligations. The ratios are computed either by comparing earnings from the income statement to interest payments or by relating the debt and equity items from the balance sheet. Creditors value these ratios because they measure the capacity of the cooperative’s revenues to support interest and other fixed charges, and indicate if the capital base is sufficient to pay off the debt in the event of liquidation. Activity ratios show the intensity with which the firm uses assets in generating sales. This large, too small, or just right. If too large, funds may be tied up in assets that could be used more productively. If too small, the firm may be providing poor service to customers or inefficiently producing products. There are two basic approaches to the computation of activity ratios. The firm looks at the average performance of the firm over the year.
The second uses year end balances in the calculations. The first method is preferred if asset balances fluctuate significantly during the year. The second method is the most commonly used approach because in practice, data limitations often force outside analysts to use year –end data. Profitability ratios measure the success of the firm in earning a net return on its operations.
Profit is an important objective of a cooperative, so poor performance indicates a basic failure that, if not corrected, would probably result in the firm going out of business. Lee (1993),points out that in evaluating credit application of loans , a loan officer and credit manager who uses financial ratios as a tool to arrives at their decision on the particular firms health with an assumption of the financial rations are normally distributed, will derived a decision that departed from the actual one, if the ratios non-normally distributed. Also, many random variables have been found to be normally distributed like weight, height, age, time, snowfall, yields, dimension and other measures of interest to managers in both the public and private sectors. According to Salmi and Markainen (1994), financial ratios are widely used for modeling purposes both by practitioners and researchers. The firm involves many interested parties, like the owners, management, personnel, customers, suppliers, competitors, regulatory agencies, and academics, each having their views in applying financial statement analysis in their evaluations. Practitioners use financial ratios, for instance, to forecast the future success of companies, while the researcher’s main interest has been to develop models exploiting these ratios. Many distinct areas of research involving financial ratios can be discerned.
Historically one can observe several major themes in the financial analysis literature. The existing themes include
• The functional form of the financial ratio, i. e. the proportionality discussion,
• Distributional characteristics of financial ratios,
• Classification of financial ratios, Comparability of ratios across industries, and industry effects,
• Time-series properties of individual financial ratios,
• Bankruptcy prediction models,
• Explaining (Other) firm characteristics with financial ratios,
• Stock markets and financial ratios,
• Forecasting ability of financial analysts and financial models,
• Estimation of internal rate of return from financial statements.
While finance is a critical issue throughout a majority of the cases, it appears that emphasis on financial ratios is greatest as the firm evaluates its own internal environment and conducts a financial analysis. That is, ratio analysis provides insights into the strengths and weaknesses of the firm as well as guidance regarding the feasibility of carrying out a proposed strategy. This analysis will dictate to a significant degree the direction of management’s future decisions. That is, the management team will understand the effects of implementing various strategies upon the liquidity, leveraging, working capital, profitability, asset utilization, ash flow, and equity positions of the company (Dudley, Davis, and McGrady, 2001). 2. 4 BENCHAMARKING Edwardo and Thomas (2002), point out that before starting your calculations, remember that financial ratios are most meaningful and often only useful if compared to a benchmark. Therefore it is imperative that part of your analysis be the computation of this benchmark.
They suggest the following benchmarks; Look for industry averages. The next section provides you with some sources where you can obtain these. However, be aware that often these industry average are overly broad and may not meaningful to the specific company that you are analyzing. Thus, carefully consider how the industry is defined and make a judgment as to the relevance of these numbers to your firm. Determine the two or three main competitors for the firm you are analyzing, and compute an average of their ratios. You can then use this average as a more accurate benchmark for your company. If all else fails, compute at least the last three year’s worth of ratios for your case company, and thus develop a trend over time with which to make inferences. In fact, you may want to do this anyway as useful patterns may be found in these trends. 2. 5 TYPES OF RATIOS 2. 5. 1LIQUIDITY RATIOS Eduardo and Thomas (2002), affirm that the near term solvency of the firm is a logical starting point of your analysis. In doing this, they kept in mind that solvency is a function of liquidity and so an analysis of the balance sheet current accounts will provide some light into the liquidity of the firm.
There are two basic ratios that are traditionally used: THE CURRENT RATIO (CA/CL) This famous ratio (you probably still remember it) has a simple logic-is there enough cash or assets that will soon become cash so as to meet the firm’s short-term obligations? While your first reaction may be to look or a ratio of I as the minimum acceptable, you should know that many analysts like to see at least a current ratio of 2 since both accounts receivables and inventories may not be immediately and easily turned into cash. Also, you may want to compute the trend of this ratio over the last few years as a deterioration of liquidity often takes place over time. On the other hand, you must also be aware that a high current ration may actually indicate poor management of current assets (something we will discuss in the next section). THE QUICK RATIO ({CA-INVENTORIES}/CL) This is a way to make your liquidity measures more stringent. As you can see by the formula, you can accomplish this by not considering the firm’s inventories as a source of eventual cash. While anything above I here would typically be a good indicator, keep in mind that for many firms (especially services companies), inventories are a small portion of their assets and the quick ratio does not significantly change the results given by the current ratio. Finally, be aware that these two ratios are looking at internally generated liquidity. For many firms, a bank credit line will provide the necessary liquidity as long as they can demonstrate long run profitability.
Thus, the one true measure of liquidity is cash budget and its preparation requires more information than the typical case will give you. 2. 5. 2ASSETS UTILASATION RATIO Eduado and Thoams (2002) emphasize that, all of the ratios here are essentially a measure of how often the different assets are turning over with respect to sales. One simple but useful implication of this logic is that you can remedy deficiencies in asset management in two ways: You can think in terms of either changing the level of sales or changing the level of the assets (somewhat easier as management may have more control over this). THE TOTAL ASSET TURNOVER RATIO (SALES/TA): Measures the adequacy of the entire level of assets and as such it is a broad measure since it does not pinpoint which specific assets may be out of line. Nevertheless, as will be seen later, this turnover ratio is closely related to your profitability. Thus, be aware and use fact that through this ratio, you can explain how poor asset management may be impacting profits. The reason for this is that an excessive level of assets requires greater investment, which is costly and thus hurts your profitability measures. Nevertheless, you still need to look at the specific asset management ratios to identify where the trouble is. There are at least three specific indicators that provide you with direction when analyzing how efficient the firm is in managing its assets. Of curse as is the case in all ratio analysis, remember that not all of these ratios are relevant for all particular firms. THE INVENTORY TURNOVER (COST OF GOODS SOLD/INVENTORY): This is simply the number of times you would be theoretically selling out and restocking your inventory over on year. If you think about this equation, it follows that low turnovers indicate the possibility that too much inventory is on hand given your current level of sales. Of course, a benchmark is critical here as industries vary widely in their inventory turnovers and for some industries the level of inventories is immaterial. THE ACCOUNTS RECEIVABLE TURNOVER (SALES/ACCOUNTS RECEIVABLE): It is a formula that calculates the turnover in the firm’s credit sales (accounts receivable). However, it may be more intuitive to express this turnover in term of the number of days per year. This is simply accomplished by taking 360 and dividing it by the accounts receivable turnover. The result of this adjustment, formally known as Days Sales Outstanding (360/AR turnover), determines the average collection period on the firm’s credit sales.
Typically, there is a rule of thumb stating that 10 days beyond the firm’s credit terms indicates problems. If that’s the case, two quick options for the firm are to look into collection process (is it effective? ) or its credit policy (is it too lenient? ). If the credit terms that the firms offers are not known, an industry average should provide a good benchmark since companies compete on credit term and these are likely to be similar across the industry. THE FIXED ASSET TURNOVER RATIO (SALES/FA): This is an estimate of whether the firm’s plant capacity is adequate for its sales level. Note that a slow turnover against an industry standard or a trend of slower turnovers over time may suggest excess capacity meaning too many fixed assets for the current level of sales. On the other hand, very fast turnovers could provide you with clues about the need to expand the plant and equipment as some potential sales might be currently being lost due to the firm’s inability to produce enough. Keep in mind that all the turnover ratios discuses above can be used to make inferences about managerial effectiveness.
For example a low inventory turnover compared to the benchmark may indicate a lack of management control in this area. This type of analysis can be applied to the firm’s other assets. 2. 5. 3LEVERAGE RATIO All the usual ratios in this area are designed to identify the extent to which the firm uses creditor’s money as opposed to shareholder’s money to acquire its assets. There are a number of ratios that can be calculated that measure this characteristic but they all essentially have the same meaning. One of the more common ratios here then is the debt ratio.
The Debt-To-Assets Ratio (Total Debt/Total Assets): This simply compares the proportion of total liabilities to the proportion of total assets. Clearly the higher this proportion is, the greater the reliance of the firm on debt to finance its operations. Now, the choice of the appropriate debt/ equity mix is an internal decision. However, be aware that a majority of companies have the industry average as the heritage debt ratio. Thus, firms that are substantially beyond this level may have trouble attracting more debt or obtaining it at “normal” interest rates. The reason for this is that their potential for financial distress (bankruptcy) is greater due to the obligation that they now have to service that debt.
The Debt-Equity Ratio (Total Debt/ Common Equity): This ratio also gives you an indication of the level of debt financing that the firm carries. That is, the debt to equity ratio states the amount of money that creditors supply for every dollar supplied by shareholders. If follows that a firm with a high proportion of debt financing relative to equity financing has a high debt-to-equity ratio and a greater risk of financial distress. The TIE Ratio (Operating Income/Interest): Give that failure to timely service debt can lead to bankruptcy and liquidation, the TIE ratio provides you with clues as to how well the firm can meet its interest payments and thus avoid the possibility of bankruptcy. This well-known ratio compares the earnings that the company can use to pay its interest payments to the level of interest payments it must make. As such, you can think o it as a buffer or safety margin.
Theoretically, a TIE of I would be the minimum level to avoid default-however, depreciation expenses that were subtracted prior to arriving to the operating income (EBIT) actually give the firm a larger cushion. Nevertheless, a TIE of I would be a very scary number to see here. One very useful exercise that can be undertaken involving the TIE ratio is to develop pro-forma statements using new projections resulting from the decisions that are about to be taken. The forecasted TIE ratio from these pro-forma statements will give you useful information on the margin of safety that the firm will have as it takes on debt. (Eduardo and Thomas, 2002). 2. 5. 4PROFITABILITY RATIO Eduardo and Thomas (2002), stress that the standard profitability ratios rely heavily on net income. As such, their logic is very simple-each of these commonly use ratios looks at net income and compares it to the level of investment the firm has (assets or common equity) and to the level of sales. Net Profit Margin (Net Income/Sales): Compares net income to sales and is actually a very intuitive profitability measure since it can be interpreted as a measure of the markup the firm charges. This ratio gives you information on the ability of the firm to charge higher prices and control its costs.
That is, good profit margins could imply some type of market power such as a patent or an exclusive location or brand that is allowing the company to charge higher process and achieve higher markups. On the other hand, a high profit margin could also provide evidence of the company’s ability to generate high earnings without necessarily high prices but due to its effective control of costs. Cost Of Goods Sold As A Percentage Of Sales (Cgs/Sales): This is a commonly used ratio that provides you with information about the relationship between what it costs you to produce or purchase your products and the revenues you are generating from their sales.
Notice that implied into this percentage is the raw profit that you are earning. Return On Assets (Net Income/Total Assets): In the context of comparing net income with the level of investments, the ROA should provide you with clues as to how profitable the firm is given all of their investments. Actually, here’s where the connection with asset management comes in since for a given net income, you can see that a higher ROA can only be obtained if the firm caries a lower level of assets (that is firm is efficiently managing all of those asset categories we reviewed early). On the other hand, those weak asset turnovers that you may have computed earlier are now coming back to haunt your firm here in the form of weak profitability. Return on Equity (Net Income/Common Equity): Finally, comparing net income against the investment that the firm’s shareholders have made gives you the well-known ROE ratio.
Ultimately, a firm is evaluated on how well it maximizes shareholder wealth, and a high ROE is in most cases consistent with such goal. Nevertheless, you should know that there are some limitations to the use of ROE as a measure for shareholder wealth maximization. 2. 6 ANALYTIC REVIEW Analytic review involves a comparison of detail balances or statistical data n a period-to-period basis in an effort to substantiate reasonableness without systematic examination of the transactions comprising the account balances. Analytic review is based on the assumption that comparability of period-to-period balances and ratios shows them to be free from significant error. A well-performed analytic review not only benefits the examination by providing and understanding of the bank’s operations, but also highlights matters of interest and potential problem situations which, if detected early, might more serious problems. The basic analysis tool available to the examiner is the financial statements of the bank. Internally prepared statements and supplemental schedules, if available, are excellent supplements to an in-depth analytic review. The information from those schedules may give the examiner considerable insight into the interpretation of the bank’s basic financial statements.
Internally prepared information is not in itself sufficient to adequately analyze the financial condition of the bank. To properly understand and interpret financial and statistical data, the examiner should be familiar with the current economic conditions and any secular, cyclical, or seasonal factors, nationally, regionally, and locally, including general industry conditions. And analytic review of a bank’s financial statements requires professional judgment, imagination, and discrimination as well as an inquiring attitude. (Comptroller’s Handbook, 1998). 2. 7 LIMITATIONS OF FINANCIAL RATIO Weetman (2003), claims that ratios are primary a starting point from which to identify further questions to ask about the present position and future direction of the operations and the financing of the company. They do not provide answers in themselves. Meigs and Meigs (1995), argue that financial ratios contain the same limitations as do the dollar amounts used in the financial statement.
Financial ratio express only financial relationships, they give no indication of a company’s progress in achieving non financial goals such as improving customers satisfaction. They further argue that no ratio ever tells the “whole story” thus a high current ratio does not guarantee solvency and a low current ratio does necessarily mean that bankruptcy is near. A ratio focuses upon only one aspect of a company’s financial picture. 2. 8 EMPIRICAL WORK ON MEASUREING BANK PERFORMACE Avkiran (1995) indicate that, the financial performance of banks and other financial institutions has been measured using a combination of financial ratio analysis, benchmarking, and measuring performance against budget or a mix of these methodologies. As it known in accounting literature, there are limitations associated with use of some financial ratios. According to him, much of the current bank performance literature describes the objective of financial organizations as that of earning acceptable and minimizing the risks taken to earn this return. According to Hempel, Coleman and Simon (1986) there is a generally accepted relationship between risks and return, that is, the higher the risk the higher the expected return. Therefore, traditional measures of bank performance have measured both risks and returns. The increasing competition in the national and international banking markets, the change over monetary unions and the new technological innovations herald major changes in banking environment, and challenge all banks to make timely preparations in order to enter into new competitive financial environment.
Spathis and Doumpos (200), investigate the effectiveness of Greek banks based on their assets size. They used in their study a multi criteria methodology to classify Greek banks according to the return and operation factors, and to show the differences of the banks profitability and efficiency between small and large banks. Duncan and Elliott (2004), show that all financial performance measures as interest margin, return on assets, and capital adequacy are positively correlated wit customer service quality scores.
Generally, the concept of efficiency can be regarded as the relationship between outputs of a system and the corresponding inputs used in their production. Within the financial efficiency literature, efficiency is treated as a relative measure which reflects the devotions from maximum attainable output for a given level of input. CHAPTER THREE METHODOLOGY 3. 1 INTRODUCTION This chapter discusses the research population and the sampling techniques used for the study. It also lays emphasis on the method adopted for collecting and analyzing data and the limitation of the study. 3. 2 POPULATION AND SAMPLE The population of the study was financial statements of Ecobank Ghana Limited. In order to obtain adequate information that fairly represents the population, a sample was selected from the population. The sample was made up of the financial statements of Ecobank Ghana Limited for the financial years 2004 to 2007. 3. 3 SAMPLING TECHNIQUES The researcher adopted purposive sampling methods to select the sample from the population. This technique was appropriate because getting information from the bank concerning the selected financial years was easily available. 3. 4 SOURCES OF DATA Both secondary and primary data were used for the study. The main data for this study was gathered from the Ecobank Ghana Limited annual reports from 2004 to 2007. The annual data for Ecobank Ghana Limited during the accounting years 2004 and 2007 were used for calculating key financial ratios in order to assess the performance of the banks. 3. 4. 1 Secondary Data In addition to annual reports of Ecobank, other sources of secondary data were through reference to the library and the review of different articles, papers, and relevant previous studies. 3. 4. 2 Primary Data Primary data was obtained through the interview. The researcher interviewed managing director of Ecobank to find out the importance and limitations of ratio analysis in decision making.
The interview was conducted at the office of the managing director and last for forty minutes. 3. 5 RATIOS USED FOR THE ANALYSIS 3. 5. 1 PROFITABILITY RATIOS: Operating profit margin = profit before interest and tax/capital employed. Return on equity = profit after tax/equity capital Return on Assets = profit after tax/total equity 3. 5. 2 LIQUIDITY RATIO Current ratio = current assets/current liabilities 3. 5. 3LEVERAGE RATIOS Gearing ratio = debt/equity 3. 5. 4 INVESTORS RATIOS Earning per share = earnings/number of shares Dividend per share = dividend/number of ordinary shares Payout ratio=DPS/EPS Book value per share = book value of equity /number of ordinary shares 3. 6 METHODS OF DATA ANALYSIS Both qualitative and quantitative tools were used to analyze data collected. This means textual and numerical explanations were given in the analysis. In addition, diagrams were used to analyze data. In order to process the data collected and present it in a form that can easily and appropriately depict the objectives of the study, Microsoft word and Microsoft excel were employed for the purpose of clearer and simpler presentation of the final report. 3. 7 LIMITATION OF THE STUDY The major problem of the study was the unwillingness on the part of management of Ecobank Ghana Limited to give information. This did not allow the researcher to write a comprehensive report. Another constraint was the time frame for the study. The study was undertaken alongside the heavy workload of the semester.
Due to the short period, there was not enough time for in-depth investigation into certain areas and issues. CHAPTER FOUR DATA ANALYSIS AND PRESENTATION 4. 1 INTRODUCTION This chapter seeks to assemble and analyze the data collected in order to draw reasonable conclusion. 4. 2 PROFITABILITY RATIOS Profitability ratios measure the firm’s efficiency of operation. It gives an indication as to how successful the mangers of a company have been in generating profitability. 4. 2. 1 PROFIT GROWTH [pic] From the above diagram, the profit before tax (PBT) and profit after tax (PAT) in 2004 were GH? 14. 8million and GH? 8. 8million respectively. In 2005 PBT increased to GH? 18. 7million representing 26. 4%. PAT in the same year increased to GH? 12million representing 36. 4%. In 2006 PBT and PAT were ? 24million and GH? 16. 5million respectively; representing 28. 3% and 37. 5% increased in PBT and PAT respectively. In 2007 PBT and PAT increased to ? 27. 3million and 19. 4 million respectively; registering 13. 8% and 17. 6% increased in PBT and PAT respectively. This signifies that management of Ecobank had been successful in generating profit for the company. 4. 2. 2 RETURN ON EQUITY It measures the rate of return on the shareholder’s investment in the company. Table 4. 1 |YEAR |RATIO |PERCENTAGE CHANGE | |2004 |0. 367 | | |2005 |0. 432 |6. 5 % increase | |2006 |0. 389 | 4. 3% decrease | |2007 |0. 00 |1. 1%increase | From the above table, ROE in 2004 was 0. 367 representing 36. 7%. In 2005 it increased to 0. 432(43. 2%) showing 6. 5% increase. In 2006 ROE decreased to 0. 389(38. 9%) representing 4. 3% decrease. In 2007 ROE increased by 1. 1% to 40%. This signifies that on the average, the rate of returns of shareholders investment in Ecobank is 39. 7% which implies that, on average Ecobank maximizes its shareholder wealth by 39. 7%. 4. 2. 3 RETURN ON ASSETS (ROA) ROA provides clues as to how profitable the firms are given all of their investments. Chart 2 [pic] From the above diagram, ROA in 2004 was 0. 42 representing 4. 2%. In 2005 ROA increased to 4. 3% representing 0. 10% increase. In 2006 ROE deceased to 3. 5% representing 0. 8% dcrease. In 2007, ROA increased to 4. 4% representing 0. 9% increase in ROA. This shows that on average Ecobank has ROA of 4. 1% which means that Ecobank makes profit of 4. 1% on all their investments. 4. 2. 4 OPERATING PROFIT MARGIN It indicates the relative efficiency of the business after taking into account all sales revenues and operational expenses.
Table 4. 2 |YEAR |RATIO |PERCENTAGE CHANGE | |2004 |23. % | | |2005 |24. 06% |0. 16 % increase | |2006 |26. 16% |2. 1% decrease | |2007 |24. 15% |2. 01% decrease | From the table above, the operating profit margin for Ecobank in 2004 was 23. 9%. In 2005 it increased to 24. 06% registering 0. 16% increase. In the year 2006, it increased by 2. 1% to 26. 16%. In 2007 it decrease from 26. 16% to 24. 15% registering 2. 1% decrease in operating profit margin. This signifies that Ecobank on average makes a profit of 24. 6% after taking into account all revenues and operational expenses. 4. 3 LIQUIDITY RATIO Liquidity ratios are used to judge firm’s ability to meet short term obligation. If a firm does not have sufficient liquidity, it may not survive. 4. 3. 1 CURRENT RATIO It indicates the ability of a company to meet its short term liabilities as they fall due out of its short term assets. Table 4. 3 |YEAR |RATIO |PERCENTAGE CHANEGE | |2004 |1. 07 | | |2005 |1. 105 |0. 18% decrease | |2006 |1. 127 |1. 99% increase | |2007 |1. 156 |2. 57% increase | From the above table, the current ratio of Ecobank in the years 2004 was 1. 107:1. In 2005 it decreased to 1. 105:1 representing 0. 18% decrease in current ratio. In 2006, it increased to 1. 127:1 registering 1. 9% increase in current ratio. In 2007, it further increased to 1. 156:1 representing 2. 57% increase. This shows that the company does not have a short term liquidity problem as current ratios for the relevant years exceed one. However the current ratio of Ecobank needs to be improve to meet the require ratio of 2:1. 4. 4 GEARING RATIO It is an expression of the relationship between the proportions of finance provided by equity and lenders.
Gearing ratio greater than 0. 6 is high and less than 0. 2 is low. Chart 3 [pic] From the diagram above, the gearing ratio of Ecobank in year 2004 was 0. 241. In 2005 it increased to 0. 409 showing a percentage increase of 19. 8%. In 2006 the gearing ratio decrease by 4. 3% to 0. 366. In 2007, it however increase significantly to 1. 147 registering 78. 1% increase.
This shows Ecobank has relatively high proportion of borrowed funds in its capital structure hence it is said to be leveraged. 4. 5 INVESTORS RATIO 4. 5. 1 EARNING PER SHARE (EPS) AND DIVIDEND PER SHARE. EPS indicates profit due to ordinary shareholders. It is widely used measure of a company’s profitability. DPS on the other hand indicates the dividend declared or interim and profit retention policy of the company. Chart 4 [pic] From the diagram above, the EPS and DPS of Ecobank in the financial year 2004 were 0. 25 and 0. 0351 respectively. In 2005 EPS decreased to 0. 078 registering 4. 7% decrease in EPS. DPS in the same year increased from 0. 0351 to 0. 0495 representing 1. 44% increase in DPS. In 2006 EPS and DPS increased to 0. 103 and 0. 0673 respectively. This shows percentage increase of 2. 5% and 1. 78% in EPS and DPS respectively. In 2007, EPS increased to 0. 121 registering 1. 8% rise in EPS. DPS on the other hand increased from 0. 0673 to 0. 083 representing 1. 57% rise. 4. 5. 2 NET ASSETS (BOOK VALUE) PER SHARE This indicates the historical cost of equity per ordinary shares as compared to the market current price per share. Chart 5 [pic] From the above diagram, the net assets per share for Ecobank in 2004 was GH? 0. 341. In 2005 it decreased to GH? 0. 185. However in 2006 it increased to GH? 0. 275. In 2007 it decreased to GH? 0. 274 This signifies that Ecobank has an average cost of equity as of 26. 9% as compared to the current market price of shares of Ecobank. 4. 5. 3 DIVIDEND PAYOUT RATIO It is the fraction or percentage of earnings paid to common shareholders in the form of cash dividend. It is commonly used in discussion on dividend policy and share valuation.
Table 4. 4 |YEAR |RATIO |PERCENTAGE CHANGE | |2004 |28. 8% | | |2005 |63. 46% |35. 38% increase | |2006 |65. 34% |1. 88% increase | |2007 |68. 59% |3. 25% increase | From the table above, dividend payout ratio of Ecobank in 2004 was28. 08%. In 2005, it increased to 64. 4% registering 35. 38% increase. In 2006, it further increased to 65. 34% showing 1. 8% increase in dividend payout ratio. In 2007, it increased to 68. 59% registering 3. 25% increase. This illustrates that on average Ecobank pays 63. 4% of earnings to common shareholders in the form of cash dividend. Also, since the dividend payout ratio of Ecobank has been increasing through out the years, Ecobank is doing well in terms of dividend payment to its shareholders. 4. 6 ANALYSIS OF INTERVIEW. In order to find out the usefulness and limitations of the financial statement analysis for decision making by management, the researcher interviewed the managing director of Ecobank Ghana Limited, in the person of Mr Samuel Ashitey Adjei. Below is the analysis of the interview: According to him, Ecobank has consistently delivered strong financial results. It remains a profitable and financially sound bank with a solid and quality asset base. Profitability performance has been impressive with a consistent increase in PBT and PAT. Ecobank has delivered a decent growth year on year in both PBT and PAT. In 2007,PAT grew by 18%. Net interest income was up by 22%. Fees and commission income was upby38%. Such a strong profitability performance according to him underscores the bank commitment to growing superior returns for shareholders. In light of the above results, the Board of Directors propose a dividend payment of GH? 0. 083 per share for a total dividend ofGH? 13. 38million. This represent a payment ratio of 90% of PAT transfer to statutory reserve. Ecobank asset-mix continues to be healthy, balancing liquidity and profitability.
The growth in assets was funded by 30% increase in deposits from GH? 336 million to GH? 438million. Total shareholders funds also grew by 13% from GH? 42. 5million to GH? 48. 1million. EBG’s deposit book (including inter bank and agency funding) grew by 32% and was below the industry total deposit growth of 42%. As such, the bank’s market share of deposits dropped to 8. 8% from 9. 5% in 2005. Growth in the bank’s deposit base was supported by the aggressive penetration into the retail market, which saw the number branches more than double in 2006. Despite the increased footprint, funding remains predominantly wholesale, with deposits from individuals contributing 40% to total deposits as at year end 2006 against a 70% target set for 2008. By type, current accounts made up a higher 71% of total deposits, with the remainder split between time deposits (25%) and cash collateral (4%). EBG’s liquidity ratio continued to trend downwards, largely due to the decline in cash and liquid assets, with the ratio dropping to a review period low of 69% during 2006 and 2005(74%). Despite the decline, levels of the ratio comfortably meet regulatory requirements, while also exceeding the industry average of 64%. Given the short-dated nature of the deposit book, EBG exhibited sizeable cumulative liquidity gaps across all maturities, which elevates liquidity risk. However, the banks diversified deposit base and high liquidity ratio, mitigate this risk. Capital growth was predominantly driven by proceeds from EBG’s public floatation which raised capital by GH? 9. 1million, as well as retained earnings for the year.
This increase was moderated by a proposed dividend of GH? 10. 8million, which lifted the dividend payout ratio to a review period high of 66%. Although EBG’s capital/total assets ratio increased to 9. 3% in 2006, it remained below the industry average of 11. 4%. Despite this, the bank’s risk weighted capital adequacy (RWCA) ratio amounted to 21% as at year end 2006, comfortably above the 10% statutory requirement. According to him, financial ratio analysis is neither sophisticated nor complicated. It is nothing more than simple comparisons between specific pieces of information pulled your company’s balance sheet and income statement. Financial ratio analysis helped management to examine the current performance of their company in comparison to past periods of time. This helped them identified problems that need fixing. Even better, it can direct management attention to potential problems that can be avoided. In addition, ratios are used to compare the performance of your company against that of your competitors or other members of your industry. On limitation of ratios for decision making, he provided that ratios are based on the summarized year end information which may not be a true reflection of the overall year’s results. It is difficult to generalize about whether a particular ratio is ‘good’ or ‘bad’. For example a high current ratio may indicate a strong liquidity position, which is good or excessive cash which is bad.
Similarly Non current assets turnover ratio may denote either a firm that uses its assets efficiently or one that is under capitalized and cannot afford to buy enough assets. To conclude, he provided that Ecobank delivery of quality of service and financial success continue to receive both domestic and international recognisiton. Ecobank has a long term debt rating of AA- and a short term debt rating of A+ from Global Credit Rating. The long term rating of AA-, demonstrates high credit quality, with adverse changes in business, economic or financial conditions not significantly affecting investment risk.
Also, the short term rating of A+ shows the highest certainty of timely payment. CHAPTER FIVE SUMMARY, CONCLUSION AND RECOMMENDATIONS 5. 1 SUMMARY OF FINDINGS The profitability ratios namely Operating Profit margin, Return on Equity (ROE) and Return on Assets (ROA) shows that management of Ecobank had been successful in generating profit from 2004 to 2007. Operating profit margin of Ecobank in 2004, 2005, 2006 and 2007 were 23. 9%, 24. 06%, 26. 16% and 24. 15% respectively. This signifies that Ecobank on average makes a profit of 24. 6% after taking into account all revenues and operational expenses. Return of Equity of Ecobank in 2004, 2005, 2006 and 2007 were 36. 7%, 43. 2%, 38. 9% and 40% respectively. This shows that on average Ecobank maximizes its shareholder wealth by 39. 7%. Return on Assets of Ecobank was 4. 2%, 4. 3%, 3. 5% and 4. 4% for the years 2004, 2005, 2006 and 2007 respectively. This means that Ecobank on average makes profit of 4. 1% on all their investments.
The current ratio of Ecobank for the financial years 2004, 2005, 2006 and 2007 was 1. 107:1, 1. 105:1, 1. 127:1 and 1. 156:1 respectively. This shows that in the short term Ecobank do not have liquidity problem since the current ratio for the various year was greater than one (1). However the current ratio of Ecobank was less than the required ratio of 2:1. The gearing ratio of Ecobank for the financial years 2004, 2005 and 2006 were 0. 24, 0. 41 and 0. 37 respectively which implies that Ecobank do not have going concern problem since the gearing ratios for the above financial years were less the 0. 6. However in 2007 the gearing ratio of Ecobank increased to 1. 15 which depicts that Ecobank was highly leveraged because the capital structure of Ecobank in 2007 showed that there was more debt capital than equity capital. The investors’ ratios namely earning per share (EPS), Dividend per share (DPS), Book value per share and Dividend payout showed how Ecobank sufficiently rewarded its shareholders in terms of earnings and dividend. EPS of Ecobank for the financial years 2004 was GH? 0. 125. In 2005 and 2006 it decreased to GH? 0. 078 and increased to GH? 0. 103 respectively. In 2007, it increased further to GH? 0. 121. This depicts that on average Ecobank make profit of GH? 0. 1068 per share to ordinary shareholders. DPS on the other hand was GH? 0. 035, 4. 7%, GH? 0. 0673 and GH? 0. 083 for the financial years 2004, 2005, 2006 and 2007 respectively. This signifies that Ecobank on average Ecobank pays GH? 0. 581 of its earnings per share as dividend to shareholders. Net Asset per share of Ecobank for the financial year 2004 was GH? 0. 272. In 2005,it increased to GH? 0. 275. In 2006, it decreased to GH? 0. 185 and in 2007, it increased to GH? 0. 341%. This depicts Ecobank has an average cost of equity as of GH? 0. 26 as compared to the current market price of shares of Ecobank. It was found out that, the limitation of financial ratios in making decision was that ratios are based on the summarized year end information which may not be a true reflection of the overall year’s results. It is difficult to generalize about whether a particular ratio is ‘good’ or ‘bad’ 5. 2 CONCLUSION From the findings of the study, Ecobank had performed well in terms of profitability as Profit after tax, profit before tax, return on equity and return on assets has been increasing over the years. Although, Ecobank does not have short term liquidity problem it current ratio is not up to the required ratio of 2:1. Further, Ecobank has long term solvency problem as the gearing ratio of the bank in the financial year 2007 was high which will prevent potential investors from investing in the bank because of the high financial risk. The investors’ ratios of Ecobank namely earning per share and dividend per share and the net book value per share prove that Ecobank had sufficiently rewarded its shareholders in terms of earnings and dividend. These imply that ratios analysis if used intelligently and with good judgment, can provide useful insights into the firm’s performance. 5. 3 RECOMMENDATIONS The following recommendations will help improve the financial performance of Ecobank and other players in the banking industry.
Ecobank should expand it revenue by giving more loans and advances to customers and increase its fees
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Internship Report of an Islamic Bank
Introduction what is bank?
A bank is a financial institution, which deals with money and credit. It accepts deposits from individuals, firm and companies at a lower rate of interest and gives at a higher rate of interest to those who need them. The difference between the terms at which it borrows and those at which it lends from the source of it profit. A bank, thus, is a profit earning institution.
History of islamic banking in pakistan 1947
The inception of Pakistan as the first Islamic Republic created in the name of Islam. 949 The Objectives Resolution was adopted by the first Constituent Assembly based on the ideology of a sovereign Islamic state. This was the first step in the conception towards Pakistan’s Constitution. 1956 The first Constitution defined Islam as State Religion and all laws to be according to the injunction of the Quran and Sunnah. 1962 The establishment of Council of Islamic Ideology (CII) was followed by the conception of the second constitution of Pakistan. 1973 The third constitution of Pakistan was passed allowing comprehensive legislation on Islamic principles and establishment of Federal Shariat Court. 1980 CII presents report on the elimination of Interest genuinely considered to be the first major comprehensive work in the world undertaken on Islamic banking and finance. In this period President Zia ul Haq imposed profit and loss sharing accounts as a compulsion instead of interest bearing accounts, he also started deduction of Zakat from bank accounts in Islamic prospect. 985 Commercial banks transformed their nomenclature stating all Rupee saving accounts as interest-free. However, foreign currency deposits in Pakistan and on lending of foreign loans continued as before. 1991 Procedure adopted by banks in 1985 was declared unIslamic by the Federal Shariat Court (FSC). The Government and some banks/DFIs made appeals to the Shariat Appellate Bench (SAB) of the Supreme Court of Pakistan. In 1991 thsese two new Islamic banks started their operations in Pakistan.
Albaraka Islamic Bank. & 2- Al Faisal Islamic Bank. Introduction To Meezan Bank Ltd
MEEZAN was established as an Islamic Investment Bank in 1997 as “AL MEEZAN INVESTMENT BANK LTD”. After the successful completion and great struggle First Islamic Commercial Bank’s license was awarded to Al Meezan Investment Bank in year 2002, to start the commercial banking facilities they bought the local operations of “Socite General” (French Bank) 03 branches and started the commercial Islamic banking in the country. Meezan Bank stands today at a noteworthy point along the evolution of Islamic Banking in Pakistan. The banking sector is showing a significant paradigm shift away from traditional means of business and is catering to an increasingly astute and demanding financial consumer who is also becoming keenly aware of Islamic Banking. Meezan Bank bears the critical responsibility of leading the way forward in establishing a stable and dynamic Islamic Banking system replete with dynamic and cutting-edge products and services. The Bank has made fundamental and significant progress forward, and in doing so has established a strong and credible management team comprised of experienced professionals, which have achieved a strong balance sheet with excellent operating profitability, including a capital adequacy ratio that places the Bank at the top of the industry, a long-term entity rating of A+, and a short-term entity rating of A1+, the highest short-term rating.
Shareholding Structure Shareholdingrs
In Millions% Pakistan Kuwait Investment Company (Pvt. Ltd1,13430 Shamil Bank of Bahrain E. C52726 Islamic Development Bank Jeddah19009 Noor Financial Investment Co. 13416 Others39619 Paid up capital 3780100 Shariah Board The members of the Shariah Board of Meezan Bank are Internationally-renown scholars, serving on the boards of many Islamic banks operating in different countries. The members of the Shariah Board are:
- Justice (Retd. ) Muhammad Taqi Usmani
- Dr. Abdul Sattar Abu Ghuddah
- Sheikh Essam M. Ishaq
- Dr. Muhammad Imran Ashraf Usmani - Shariah Advisor Board of Directors E. Sheikh Ebrahim Bin Khalifa Al-Khalifa (Chairman) (Undersecretary, Ministry of Finance & National Economy,Kingdom of Bahrain)
- Naser Abdul Mohsen Al-Marri (Vice Chairman)
- Irfan Siddiqui (President & Chief Executive Officer)
- Istaqbal Mehdi
- Mohammed Abdul-Rehman Hussain
- Nawid Ahsan
- Ariful Islam (Chief Operating Officer)
- Rana Ahmed Humayun
- Mohammed Azzaroog Rajab
- Ahmed Abdul Rahim Mohamed
ACHIEVEMENTS CREDIT RATING:
Meezan Bank has reaffirmed its entity ratings at A+ for medium to long-term and A1+ for short-term. This rating was made by JCR-VIS Credit Rating Company, which has also set Meezan Bank’s outlook on medium to long-term rating as “Stable”. The rating is yet another milestone achievement in the Bank’s endeavor to be the Bank. Meezan Bank’s ratings are based on its shareholding with world-renowned financial institutions, pioneering role in the industry, strong management initiatives in continuously introducing various range of Islamic products. The Credit Rating agency JCR-VIS has expressed commendation to Meezan Bank management’s ability to deploy funds in core banking assets, which reflected healthy growth trends last year.
FIRST LADIES BANKING IN PAKISTAN:
The Bank is the first in the country to introduce 'Ladies Banking' a dedicated banking section only for ladies. This new service provides an exclusive banking area as per the set Shariah principles for our lady customers in a more comfortable environment. The dedicated Customer Services Officer in our ladies only banking area will provide consultancy for a full range of our Halal banking services including, 9am to 5pm Online Banking, Term Certificates, Current & Saving Accounts, Consumer Financing and 24/7 banking services.
BRANCH NETWORK:
Over 70 branches are working all over the Pakistan.
OTHER ACHIEVEMENTS:
Best Islamic Bank 2005 (Islamic Finance News) Best provider of Islamic financial services year 2005
VIEWS OF PRESIDENT OF PAKISTAN:
I wish Meezan Bank success in initiating the cause of Riba-free banking. " General Pervez Musharraf President of Pakistan Meezan Bank Inauguration, September 2002 Vision Statement Establish Islamic banking as banking of first choice to facilitate the implementation of an equitable economic system, providing a strong foundation for establishing a fair and just society for mankind. Mission Statement To be a premier Islamic bank, offering a one-stop shop for innovative value added products and services to our customers within the bounds of Shariah, while optimizing the stakeholders value through an organizational culture based on learning, fairness, respect for individual enterprise and performance. Service Quality Mission To develop a committed service culture which ensures the consistent delivery of our products and services within the highest quality service parameters, promoting Islamic values and ensuring recognition and a quality banking xperience to our customers.
Departments & the products offered at the branch
There are 5 main departments at the branch:
- customer services department
- operations department
- credit department
- trade finance department
- cash department
- customer services department
Account opening and closing is the function of customer services deptt. The bank’s customers includes individuals (single or joint), firm (partnership/proprietorship), Autonomous corporations, Limited companies, Charitable Institutions, associations, Educational Institutions or local bodies. Brief Explanation of these accounts is as follows Products offered by this department:
a) Riba Free Rupee
- Savings Account
- Current account
- Saving Account
b) Riba Free Dollar
- Savings Account
- Foreign Currency Account
RIBA FREE-RUPEE SAVING ACCOUNT
As a step towards the mission of providing a one-stop shop for innovative value added products to our customers, Meezan Bank is pleased to offer RIBA FREE Current Account, a flexible Rupee based account that is ideal for businesses and individuals looking for Shariah compliant banking and professionalism under one roof. The deposits of the customers together with the bank’s contribution are invested in a pool that consists of Ijarah and Murabaha financing. The profit earn on this pool is calculated every month, and if you maintain a minimum average monthly balance of Rs. 10, 000/- you shall be eligible to receive profits that will be disbursed to you every month. But if u’r balance is less then 10000 then u get no profit or no penalty is charges to u. there is no fixed profit b/c every month new rate declared.
Requirements: Mini deposit:::::::::::::::::::::::::::::::::::::
Rs. 10,000/- only Other requirements are mentioned in detail in appendix. CURRENT ACCOUNT Current account is basically used to meet the daily transactions. The money kept in current account is in the form of CARZ-E-HASNA gives the advantage for paying debts by the convenient and safe means of sending cheques through the post thus avoiding the trouble and loss.
Requirements: Mini deposit:::::::::::::::::::::::::::::::::::::
Rs. 10,000/- only Other requirements are mentioned in detail in appendix. b) Riba Free Dollar Savings Account The return earn on the Mudarba pool is calculated every month and profit ratio is declared for all investors is declared at the beginning of the month. If you maintain a minimum average monthly balance of $500, you shall be eligible to receive profits that will be disbursed to you every month.
Requirements: Mini deposit:::::::::::::::::::::
$100 under Mudarba arrangement. Other requirements are mentioned in detail in appendix
Basic of account opening
Account opening is the basic and first relationship, which is established between Bank and the customer. In account opening extreme care has to be exercised in case of completion of account opening documentation. Whenever a client comes in the bank in order to open an account the first information that is given to him/her about the types of accounts, which can be opened, so far this purpose the client is given detailed information about the accounts and their respective profit rates.
TYPE OF ACCOUNTS OPENED:
- CURRENT
- SAVING
- TERM DEPOSIT
Sub-categories of Accounts and the Basic Requirements:
MINOR ACCOUNT
- Bay form and copy of passport minor
- National Identity card of Guardian
- Signature requirement of guardian
INDIVIDUAL ACCOUNT
- Copy of national identity card
- Complete account opening form
- Letter of introduction if required Visiting Card (if the person is employed)
JOINT ACCOUNTS
As evident from the name these accounts can be jointly opened by any number of persons. The minimum number of persons required to open a joint account is two but there is no maximum limit.
Requirements:
- National Identity card of all Applicants.
- Signature of all Applicants.
- Zakat Affidavit of all Applicants (zakat Examption).
- Operation of account clearly mentioned.
The options available to operate the account are:
- Jointly
- Either or Survivor
- Other(s) (Please specify)
CLUB /SOCIETY/ASSOCIATION [Requirements]:
- Certified copy of resolution Certified copy of rules
- Copies of National Identity cards of all directors/passports
- Completed account opening form
- Specimen Signature Card
TRUSTS ACCOUNTS
- Completed account opening form
- Specimen Signature Card
- Certified copy of trust deed
- Copy of rules/by laws
- Copies of National Identity cards of all trustees
- Other requirements are mentioned in detail in appendix.
CORPORATE ACCOUNTS ACCOUNTS OF SOLE PROPRIETOR (Requirements)
- Declaration Letter
- Copy of NIC/Passport of the proprietor
- National Tax Certificate
- Declaration of Sole Proprietor on company letterhead
- Business registration Certificate
- Specimen Signature Cards and completed account opening form.
ACCOUNT OF PARTNARSHIP (Requirements)
- Partnership Deed, certified copy.
- Photocopies of NIC of all partners.
- Partnership Mandate(Prescribed Format).
ACCOUNT OF LIMITED COMPANIES (Requirements)
- List of Directors of company.
- NIC of all Directors.
- Copy of certificate of Incorporation.
- Memorandum of Association.
- Article of Association.
- Copy of Board Resolution.
- Latest Copy of Form-29
- Stamp of Company, which is to be affixed on the account opening form.
- Certificate of Commencement of Business
ACCOUNTS OF LITERATE [Photo Account]
These accounts can be opened individually or jointly. For men, the right hand thumb impression and for women, the left hand thumb impression is taken on account opening form. The customer is given advice to come to bank himself in order to withdraw any cash or deposit the cheque.
Requirements:
- Photocopy of NIC of Account Holder.
- Two-three passport size photographs.
THINGS TO BE CONSIDERED BEFORE OPENING AN ACCOUNT
- Verification of the customers’ credentials.
- The suitability of the prospective customer. State Bank’s rules and regulations.
- The Bank’s own policy. The prospective profitability of the relationship.
- Other requirements are mentioned in detail in appendix.
PROCEDURES FOR ACCOUNT OPENING
First of all, after inquiring from the customer what type of account he/she wants to open, the account opening form is got filled from the customer and signed it. Along with the account opening form, the customer is also signed two Specimen Signatures Cards. After fulfilling all the formalities of account opening, the computer generated account number is given to the customer that is of special series depending on the type of account.
REQUISITION SLIP
A requisition slip is given to the customer to sign it so that the customer can get chequebook. Chequebook is issued after one day of receiving the requisition slip.
LETTER OF THANKS
After opening the account “A Letter Of Thanks” is send to the customer in order to thank the customer for opening an account in the Bank. This letter tells all the information regarding his/her account, which are kept very confidential.
ACCOUNT OPENING REGISTER
After an account is opened, an entry is made in the account opening register, which has the following columns:
- Date
- Account Number
- Name & Address
- Telephone Number
- Initial Deposit Customer Services/Relation Officer enters the new account opened in computer and the Specimen signature Cards are also scanned so that whenever a cheque of the respective account comes for encashment, the signatures can be verified.
Overall functions performed by Customer Services Department:
- ACCOUNT OPENING
- ACCOUNT CLOSING
GENERAL CLIENT DEALING 2-OPERATIONS DEPARTMENT FUNCTIONS PERFOMED:
- CLEARING
- REMITTANCE
CLEARING
- Inward clearing
- Outward clearing
INWARD CLEARING
In the morning, the bank receives its own cheques, which have been presented by the customers in some other bank to be deposited in their account. NIFT provides the facility of bringing cheques for inward and also takes the cheques of outward clearing to other banks. The cheques received in inward clearing are the cheques drawn on bank and the bank has to pay for them. For this purpose the bank makes clearing in computer by checking the balances of the respective customer, if their balances are up to the mark then that cheque is cleared and the respective customer account is debited with the respective amount. If the balances are short then that cheque is bounced back to the related bank.
Reasons for returning a cheque: All required stamps of Clearing, Crossing and Endorsement are not present on cheques.
- Cheque is post date.
- Refer to drawer
- Effects not cleared, may be presented again
- Amounts in words and figures differ.
If any of these reasons exists then that cheque is returned through NIFT and deducts Rs. 300 from customer’ account as cheque returned charges. For this purpose an entry is passed on multi entry voucher like: Customer’s AccountDr. State Bank Of PakistanCr. Cheque returned chargesDr. Other commissionsCr. Then the report of returning any cheque is sent through fax to the head office Karachi. After this put the entry in Cheque return register showing the following columns:
- Date
- Title of account
- Account number
- Cheque number
- Bank and Branch name
- Reason to return
OUTWARD CLEARING
All the cheques of other banks which are deposited to MBL are presented in outward clearing. This is said as outward clearing because they are presented on the very next day after depositing a cheque. In outward clearing, the entry is made like: Customer Account Cr. State Bank of Pakistan Dr. This entry is made when we come to know about the clearing of all cheques, which are sent to other banks.
SERVICES PROVIDED
- TRANSFER OF AMOUNT
- TELLING ACCOUNT BALANCES
- ISSUING CHEQUES BOOKS
I. TRANSFER OF AMOUNT
If a customer holds two accounts in the bank and he/she wants to transfer money from one account to other account, customer writes a cheque and fills deposit slip in which he/she writes account number to which amount is to be transferred. After making transfer entry in the computer, affix transfer stamp in the middle of the cheque, crossing on the upper left and bank’s endorsement stamp on the backside of the cheque.
II. TELLING ACCOUNT BALANCES
Whenever clearing officer receives phone call from the customer inquiring about his/her account balance after confirming the name, address and other information he tells the balance through computer.
III. ISSUING CHEQUE BOOKS
It is also the duty of department to issue a chequebook when an officer receives request from the customer.
REMITTANCE
- Pay order
- Demand drafts
- Inward collection
- Outward collection
PAY ORDER: Pay order is an order to pay money but this payment is to be made within city. In other words it can be said that the payee and the payer should be in one city.
In pay order the payment can be made in
- Cash
- Clearing
- Transfer
PROCEDURE:
In case of pay order first of all the customer has to fill a pay order application form in favoring section: name, account number, amount, beneficiary name, address, etc. The data is entered in already set format of pay order in computer and pay order print out is taken. An authorized person and manager operations are signed pay order. The original copy of the pay order is given to the customer and carbon copy is kept with bank for office record.
DEMAND DRAFT
An order to pay money to the payee who is residing outside the city. DD can be for a customer who may or may not have an account in the bank but the other person’s account must be maintained with the bank for which the payer has demanded the DD.
INWARD COLLECTION
When the bank receives cheques of any other bank from its any branch situated in the some other city, then those have been dealt as inward collection.
PROCEDURE
After receiving the cheque, an entry is made in inward collection register and then all stamps are affixed on the cheque (clearing, endorsement, IC # stamp) and make outward clearing voucher which shows the following entry: Remittance payable Cr. On the next evening after the delivery of clearing cheques make reversal entry like Remittance Payable Dr. Respective Branch Cr. Also make a fax message to inform the respective branch that we have credited their nostro account.
OTHER FUNCTIONS UNDER OPERATIONS DEPARTMENT LOCKERS
Lockers operations shall not be permitted under power of attorney of a customer. A customer wishing to allow another person or agent may be requested to open a new locker account under joint names and close the existing account. In offering this facility branches have to be selective and should provide lockers to the customers whose identity and integrity is verified, who should maintain account with the branch and have potential for deposits and other banking business. It is reiterated that honesty, creditability and good reputation of the customer is of utmost importance in the selection of customer for lockers.
KEY FEATURES:
- Available in selected branches
- Available in 3 sizes
- For all eligible Account Holders
- Key security DepositPKR 3000 Procedure
- Application on Prescribed Form duly filled
- Saving/Current Account with MBL 02 Passport size Photographs Charges
- Key DepositPKR 3000/
- SmallPKR 1000/Year
- MediumPKR 1500/Year
- LargePKR 2000/Year
- Locker breaking charges Rs 3000 Cheque Books Handling
- Application for New Cheque Book CHARGES
- PKR 03/Leaf for Saving Account Cheque Book
- PKR 01/Leaf for Current Account Cheque Book
- PKR 01/Leaf for FCY Account (No Charges for Cheque Books of Karobari Munafa Account)
RIBA FREE TERM DEPOSITS OFFERED BY BANK
- Certificate of Islamic Investment
- Monthly Mudarabah Certificates
- Dollar Mudarabah Certificates
- Meezan Amdan Certificates
- Meezan Providence Certificate
Certificate of Islamic Investment Riba-Free Certificate of Islamic Investment (COII) works under the principles of Mudarabah and is strictly in conformity with the rules of Islamic Shariah. On agreeing to become a COII holder, the customer enters into a relationship, based on Mudarabah, with Meezan Bank. Under this relationship, the Customer is an Investor (Rab ul Mal), and the Bank is the Manager (Mudarib) of the funds deposited by the customers. The bank allocates the funds received from the customers to a deposit pool. These funds are utilized to provide financing to customers under Islamic modes that include, but are not restricted to, Murabaha and Ijarah, Tenor:
- 3 Months
- 6 Months
- 1 Year
- 2 Years
- 3 Years
- 5 Years
Profit Payment Options 3 Monthson maturity 6 monthson maturity 1 year monthly or quarterly min investment 200K 2 yearmonthly or quarterly min investment 200K 3-5 year monthly or quarterly min investment 200K There will be different rate of profit according to the profit payment option and amount and tenor. Pre-mature encashment In case of pre mature encashment the profit rate will be calculated according to the completed tenor, if extra profit is paid that will be recovered. No pre-mature encashment penalty in MBL Payment of Premium Bank pay premium from its own share of profit to high depositors. Premium Rate 5M9. 99M1% 10M29. 99M1. 25% 30M49. 99M1. 50% 50M+2% Karobari Munafa Account Riba-Free Karobari Munafa Account works under the principles of Mudarabah and is strictly in conformity with the rules of Islamic Shariah. On agreeing to become an account holder, the customer enters into a relationship based on Mudarabah with Meezan Bank. Under this relationship, the Customer is an Investor (Rab ul Mal), and the Bank is the Manager (Mudarib) of the funds deposited by the customers. The bank allocates the funds received from the customers to a deposit pool. These funds from the pool are utilized to provide financing to customers under Islamic modes that include, but are not restricted to, Murabaha and Ijarah.
- Profit calculated on daily basis and paid monthly
- No minimum balance requirement
- No restriction on deposit/withdrawals
- Free Cheque Books, Pay Orders and Online Banking
- Dedicated Account/Relationship
- High return for high depositors
- Other requirements are mentioned in detail in appendix.
Monthly Mudarabah Certificates RibaFree Monthly Mudarabah Certificates is a flexible investment product which has been designed to give you a monthly return which is Halal. The minimum investment required is only Rs. 100,000 and you receive profit for each complete month of investment with the Bank. How Monthly Mudarabah Certificates works? Riba-Free Monthly Mudarabah Certificate (MMC) works under the principles of Mudarabah and is strictly in conformity with the rules of Islamic Shariah. On agreeing to become a MMC holder, the customer enters into a relationship based on Mudarabah with Meezan Bank. Under this relationship, the Customer is an Investor (Rab ul Mal), and the Bank is the Manager (Mudarib) of the funds deposited by the customers. The bank allocates the funds received from the customers to a deposit pool. These funds from the pool are utilized to provide financing to customers under Islamic modes that include, but are not restricted to, Murabaha and Ijarah.
Features:
- Minimum requirement of PKR 100K
- Profit disbursement on maturity
- Tire system for profit payment (Refer Rate Sheet)
- No payment on premature encashment
- Other details n requirements are mentioned in detail & appendix.
Dollar Mudarabah Certificates On agreeing to become a DMC holder, the customer enters into a relationship based on Mudarabah with Meezan Bank. Under this relationship, the customer is an Investor (Rab ul Maal), and the Bank is the Manager (Mudarib) of the funds deposited by the customers. The Bank allocates the funds received from the customers to a deposit pool. These funds from the pool are utilized to provide financing to customers under Islamic modes that include, but are not restricted to, Murabaha and Ijarah.
Requirements:
- In USD only
- Individuals and Corporate
- Minimum investment 10K and above Tenor:
- 3 Months
- 6 Months
- 1 Year
- 3 Years
Profit payment Options:
- 3 MonthsMaturity
- 6 MonthsMaturity
- 1 year
- 6 Monthly or Maturity
- 3 years
- 6 Monthly or Maturity
Other details n requirements are mentioned in detail & appendix. Meezan Amdan Certificates The Riba-Free Meezan Aamdan Certificate (MAC) is a long-term deposit certificate with an exceptionally high monthly profit designed especially for those individuals and corporations who are in need of regular stream of monthly income. MAC is a monthly income (mahana aamdani) certificate with a variety of free packaged benefits. Working The Riba-Free Meezan Aamdan Certificate (MAC) works under the principles of Mudarabah and is strictly in conformity with the rules of Islamic Shariah. On agreeing to become a MAC holder, the customer enters into a relationship based on Mudarabah with Meezan Bank. Under this relationship, the customer is an Investor (Rab ul Maal), and the Bank is the Manager (Mudarib) of the funds deposited by the customers. The Bank allocates the funds received from the customers to a deposit pool. These funds from the pool are utilized to provide financing to customers under Islamic modes that include, but are not restricted to, Murabaha and Ijarah.
Features:
- Long Term Product
- Tenor 5-1/2 years & 7 years
- Profit 9. 5% 10. 50% (Last month) For Individuals and Corporate
- Minimum deposit PKR 100 K
- (50K for old citizens and widows) Meezan Providence Certificate (MPC) A long-term investment product specially designed to cater to the needs of corporate and business concerns for purposes of investing their Provident, Pension and Gratuity Funds. How Meezan Providence Certificate works.
- Riba-Free Meezan Providence Certificate (MPC) works under the principles of Mudarabah and is strictly in conformity with the rules of Islamic Shariah. On agreeing to become a MPC holder, the customer enters into a relationship based on Mudarabah with Meezan Bank. Under this relationship, the Customer is an Investor (Rab ul Mal), and the Bank is the Manager (Mudarib) of the funds deposited by the customers.
Min. deposit 01 Million Tenor
- 5 Years
- 7 Years
Other options:
- Provident and Pension Fund of large corporate
- Premature encashment facility available Meezan Islamic Institution Deposit Account
The Meezan Islamic Institution Deposit Account (MIIDA) is a unique product, tailored exclusively for Islamic Financial Institutions (IFIs). With MIIDA, any IFI now has the opportunity to manage excess liquidity in an immediate and profitable manner, by maintaining a checking account with Meezan Bank. All eligible Islamic Banks can enter into a Mudarabah relationship with Meezan Bank. Under this relationship, the respective Islamic Banks are the Investors (Rab ul Maal), and Meezan Bank is the Manager (Mudaarib) of the funds deposited by them. Meezan Bank allocates the funds received from the Islamic Banks to a deposit pool consisting of financing under Islamic modes that includes, but is not restricted to, Murabaha and Ijarah.
Features:
- For Islamic Financial Institutions deposit
- To invest their access liquidity
- Min. investment PKR 10 M and multiplies there of
- Max investment 01 B Other details n requirements are mentioned in detail & appendix.
3- CASH DEPARTMENT
The cash department is the most important department of the bank. It receives cash from customers and then deposits it into the accounts of the customers and maintained their balances. In cash department following books are maintained.
- Scroll book ? Paying book
- Cash balance book
SCROLL BOOK
When cash is received at the customer it is recorded in the scroll book.
PAYING CASH BOOK
The cashier makes entry in the paying cashbook when cash is paid.
CASH BALANCE BOOK
The consolidated figure of receipt and payment of cash is entered in cash balance book.
CREDIT / FINANCE DEPARTMENT
Islamic Financing for the following:
- Corporate
- SME
- Personal
PERSONAL FINANCING
Diminishing Musharaka (Islamic Financing) With Easy Home you can participate with Meezan Bank in a joint ownership of your property, where the Bank will provide financing up to 85%. On agreement of a monthly payment to the Bank of which a component is for the use of the home (rent), and another for your equity share. The total monthly payment is reallocated regularly by the partnership to reflect your growing equity and to allocate increasing amounts to your investment. When you have made the full investment, which had been agreed, you become the sole owner with a free and clear title to the property. Easy Home Easy home works under the Diminishing Musharakah where customer participates with Meezan Bank in joint ownership. Easy Home finance is available for:
Purchase
- 3-20 year - Max. Finance 85% Construction
- 2-20 year - Max. Finance 70% Renovation
- 2-7 year - Max Finance 85% Replacement
- 3-20 year Eligibility - Pakistani National
- Age 25—65 (till maturity)
? Professional Experience Salaried person:
- 2 year of consecutive experience in same industry
- Min salary 20 k per month Business
- 3 years business experience
- Min. business income Rs 50K per month Processing Charges
- BusinessmenRs 12500 ? Salaried PersonRs 8500
- (Up to Rs 4 M, 2000 Additional for above)
- Time Frame 3-4 Weeks Other details are attached in appendix.
Car Ijara Ijara is a rental agreement under which bank purchase a vehicle and give the same on rent to customer Car Ijarah is Pakistan’s first "Interest Free" car financing based on the Islamic financing mode of Ijarah (Islamic leasing). This product is ideal for individuals looking for car financing while avoiding an interest-based transaction.
Scope of Facility
- Domestic Vehicle(Local made)
- Commercial Vehicle (Local+Imported)
- Used/Imported Vehicle(1st Transfer only)
Rates offered: (For New)(For used)
- 3 year14%15%
- 4 year15%15. 50%
- 5 year16. 50%18% 1% higher than normal for commercial+imported+used vehicle
Eligibility: Pakistani National
- Salaried individual, self-employed, professional or businessperson
- Minimum 3 years of work/business/professional experience
- 6 month working with present employer
- Net income exceeds three times of monthly rental
OTHER PRODUCTS OFFERED
On line Real Time ATM Free ATM Card
- ? Per Day Limit of PKR 20K
- ? Rs 15 charges for use of other ATM Network
- ? Acceptable at all ATM outlets
- ? Debit card at Orix out lets (PKR 50k/Day)
On line Real Time Facility
- Absolutely free from all branches of MBL
- Collection of Cheques absolutely free
- Available to PKR current, saving & Karobari Munafa acc.
Banking Facility at all MBL Branches for
- Mon - Sat9-5
- Friday9-12-30 & 3-5
- Saturday9-12-30 24/7
Call Center 24/7 call center provides you access to a wide range of Tele-banking solutions and personalized banking service. Key Features
- Check account balances Instruct issuance of pay orders and demand drafts
- Transfer funds between your own accounts
- Order issuance of cheque book
- Check transaction history of accounts
- Receive information on MBL products and services
- Issue stop payment instructions
- Report loss of your cheque book
- Request or change T-PIN
- ATM PIN Re issuance
- Report loss of ATM/Debit Card or cheque(s) Internet Banking
Internet Banking allow to have access to accounts regardless of where they may be in the world. Key Features
- Balance inquiry
- Statement viewing
- Statement download
- Cheque status
- Cheque blocking Pay order request
- Complaint logging and follow-ups
- Funds transfers between own accounts at MBL
- Change of address request
- Cheque book request Alerts and Notification by E-mail
- Low/High balance alert
- Credit/Debit transaction alert
- Request resolution alert
- Complaint resolution alert Future Features
- Alerts by SMS/Fax ? Utility bill payments
- Inter bank funds transfers
- Payment to nominated accounts at MBL
- Standing orders for repeated payments
SWOT ANALYSIS
Strengths:
- Effective HR Policies.
- ATM Machine in Branches.
- One Counter Operation.
- Islamic Banking.
- Loyalty of Employees. 24/7 Online Banking.
- Internet banking facility.
- Excellent Environment.
- Efficient and Qualified Management.
- Fewer Competitors as Islamic Banking.
- A large range of Islamic Investment Schemes.
- Islamic Leasing System.
- No hidden charges.
- Rates are remarkably low as compared to other banks.
- Very High credit rating.
Weakness:
- Lack of awareness of the people.
- Fewer Branches in Faisalabad.
- Less Advertisement.
- Main Branch isn’t Located in the Business Area.
- Online system is not so strong.
Opportunities:
- More and more people are coming towards Islamic Banking System. Introduction of innovative products.
- New Market Segments for ijara, i. e. Home Appliances Products.
- Open New Braches in Faisalabad and other small areas.
Threats:
- Islamic banks are Increasing.
- Traditional commercial banks are also introducing the Islamic Banking Facility.
- Personal Loan Scheme of other banks.
- New Innovative Schemes by Other Islamic banks.
SUGGESTION & RECOMMENDATIONS
- Expanding their business by establishing new branches in those areas which are near to the business area.
- MBL has the option to increase its customers through efficient marketing system. The bank must hire the efficient marketing personnel.
- MBL must take part in heavy advertisement as the people become aware of the Islamic banking System.
- Bank should provide management training to their employees.
- Bank should develop healthy relation to their customers.
- MBL should give more compensations and benefits to its employees and other workers for the improvement in the performance. Because it leads to the improvement of overall bank’s performance.
FINANCIAL HIGHLIGHTS
Balance Sheet as on March 31, 2007 [pic] Profit and Loss Account as on March 31, 2007 [pic] Cash Flow Statement as on Marc 31, 2007 [pic]
FINANCIAL ANALYSIS AND COMMENTS DEBT RATIO:2007-2006 T. Debt 44,865,94741,675,264 T. Assets49,822,34946,438,623 90. 05 %89. 74 %
Comments: Debt ratio basically shows that, how much assets are financed by the debt. It shows that how much an investor is protected in case of default. From above information its obvious that, in year 2006, this ratio is 89. 74 % and this year it is 90. 05 %. It shows more debt financing as compared to previous year.
DEBT / EQUITY RATIO:20072006 T. Debt44,865,94741,675,264 T. Equity3,779,8973,779,897 87. 1. 03 1187 %1103 %
Comments: This ratio is an alternative to the debt ratio. One of these ratios can be used by the investor. It shows the basic ratio between debt and equity. This ratio is very high, as we know that, banks are totally depend on the debt. However equity also make a part pf its total financing but its very little as compared to total debt. Due to this reason this ratio is very high in case of banks. As this ratio increased gradually, it shows increase in debt financing as compared to equity.
RETURN ON ASSET [R. O. A]:20072006 Net profit after tax190,577181,655 T. Assets 49,822,349 46,438,623 0. 383 %0. 391 %
Comments: This ratio shows the efficiency of the total assets, means how much efficiently the company using its assets to earn its net profit. As we know that in banks, assets are not a big source of generating earnings, and basic function is of debt and equity. That’s why this ratio is decreased this year as compared to the previously.
RETURN ON INVESTMENT [R. O. I]2007 2006 Net profit after tax 190,577 181,655 Investment 2,811,033 2,877,554 6. 8 % 6. 3 %
Comments: This ratio shows the return or net profit on the investments. Means how much profit the bank is making in terms of investments, rather than total profit. In this ratio it is obvious that profit ratio is increasing gradually as compared to previous years. And shows the better performance of the bank with the passage of time.
RETURN ON EQUITY [R. O. E]:2007 2006 Net profit after tax 190,577 181,655 T. Equity 3,779,8973. 779. 897 5. 42 % 4. 80 %
Comments: This ratio shows the profit in terms of equity. This profit is increasing gradually year after year as shown above. As there is no change in total equity, but the profit ratio increased. It shows the efficient operations an allocation of resources, as a result, the return on the equity is increased.
EARNING PER SHARE [EPS]:20072006 Net profit 0. 50 0. 58 Total number of shares out standing
Comments: EPS decreased this year. As net profit increased this year, EPS should also be moved respectively, but due to increases no of shares outstanding, it is decreased this year.
OVERALL CONCLUSION
Islamic banking is a very young concept. Yet it has already been implemented as the only system in two Muslim countries; there are Islamic banks in many Muslim countries and a few in non-Muslim countries as well. Despite the successful acceptance there are problems. These problems are mainly in the area of financing. With only minor changes in their practices, Islamic banks can get rid of all their cumbersome, burdensome and sometimes doubtful forms of financing and offer a clean and efficient interest-free banking. All the necessary ingredients are already there. The modified system will make use of only two forms of financing loans with a service charge and Mudaraba participatory financing both of which are fully accepted by all Muslim writers on the subject. Such a system will offer an effective banking system where Islamic banking is obligatory and a powerful alternative to conventional banking where both co-exist. Additionally, such a system will have no problem in obtaining authorization to operate in non-Muslim countries. Participatory financing is a unique feature of Islamic banking, and can offer responsible financing to socially and economically relevant development projects. This is an additional service Islamic banks offer over and above the traditional services provided by conventional commercial banks.
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Existentialism in World Literature
The Indian Review of World Literature in English, Vol. 1, No. I – Jan, 2005 EXISTENTIALISM IN ANITA DESAI’S FIRE ON THE MOUNTAIN NAGAPPAN SETHURAMAN Existentialism as a philosophy is historically and culturally of European origin. Ever since it was recognised as the dominating philosophy of the West in the midtwentieth century, it has left “its impact on literature [which] has both been substantial and significant” (Chatterji 10). Existentialism does not offer a set of doctrines or a single philosophy system. It has been diversely defined and interpreted by various thinkers over the years. Vol. 1, No. I – Jan, 2005 EXISTENTIALISM IN ANITA DESAI’S FIRE ON THE MOUNTAIN NAGAPPAN SETHURAMAN Existentialism as a philosophy is historically and culturally of European origin. Ever since it was recognised as the dominating philosophy of the West in the midtwentieth century, it has left “its impact on literature [which] has both been substantial and significant” (Chatterji 10). Existentialism does not offer a set of doctrines or a single philosophy system. It has been diversely defined and interpreted by various thinkers over the years. As a result, “as a philosophy, existentialism by its very nature defies and abhors systematisation” (Ahmad 10). Nevertheless, it is possible to identify certain traits of this school of thought.
All the existentialists “emphasise the importance of the individual as well as his freedom and responsibility for being what he is” (Das 423). In their attempt to describe man’s “existence and its conflicts, the origin of its conflicts, and the anticipation of overcoming them” (Ahmad 13), existentialists focus their attention on certain aspects of human existence. Srivastava enumerates them as follows: b) it is never safe and ever at the mercy of chance, c) it is full of suffering, of one variety or other, d) it is full of conflict, e) it is rotted in guilt, f) it cannot escape from the final situation of death (185). These tenets of existentialism have been widely reflected in the literature of the world since the advent of Sartre who established an interaction between literature and philosophy in his writings. John Macquarrie sums up the essence of existentialism as, “On the whole, it has been the tragic sense of life… that has been prevalent among the existentialists” (Macquarrie 164). Almost all great writers of the present generation have handled the doctrines of existentialism in their works. This is the main reason why “man’s alienation, dread, absurdity, bad faith, responsibility, commitment to freedom, anguish are the very hallmarks of 20th century literature” (Ahmad 5). As a novelist, Anita Desai exhibits a strong inclination towards the existentialist interpretation of the human predicament. In particular, she voices “the mute miseries and helplessness of married women tormented by existentialist problems and predicaments” (Prasad 139). A woman novelist, Desai has won a niche by exploring the emotional world of women, bringing to light the various deeper forces at work in feminine sensibility as well as psychology. This predilection leads her to examine the psyche of her women protagonists when they are confronted with the absurdity of life. This draws her attention to the darker side of life.
She projects a tragic vision in her novels by placing her female protagonists in hostile situations. Desai further examines her women protagonists as individuals who find themselves forced into uncongenial environments, fighting against the odds. This problem of the The Indian Review of World Literature in English, Vol. 1, No. I – Jan, 2005 tragic tension between the individual and their unfavourable environment acquires the dimensions of existential angst.
Starting from her first novel Cry the Peacock to the latest Baumgartner’s Bombay, all her novels highlight the existentialist’s predilection for portraying the predicament of man. Many critics have traced shades of existentialist thought in the novel of Anita Desai. Time and again her themes and characters have been interpreted in the light of existential philosophy. In this regard it has been pointed out: Desai’s chief concern is human relationship. Her central theme is she existential predicament of an individual, which she projects through incompatible couples- very sensitive wives and ill matched husbands.
She is a minute observer and perceives everything mutely, minutely and delicately. Whenever she creates a poetical situation, she gives it a perfect poetic treatment to every detail (Singh 12) Anita Desai’s characters are self-conscious of the reality around them and they carry a sense of loneliness, alienation and pessimism. She adds a new dimension turning inward into the realities of life and plunges into the deep-depths of the human psyche to score out its mysteries and chaos in the minds of characters. Particularly Fire on the Mountain has been identified as “the lyrical fictionalization of the quintessence of existentialism” (Gupta 185). A close study of the texture and theme of the novel in relation to the tenets of existentialism justifies the above observation. It has been noted that “Fire on the Mountain displays skillful dramatisation of experiences of certain women embroiled by the cross way of life” (Choudhury 77). This novel deals with the existential angst experienced by the female protagonist Nanda Kaul, an old lady living in isolation. It also projects the inner turmoil of a small girl, Raka, who is haunted by a sense of futility. Thirdly, it presents the plight of a helpless woman, Ila Das who is in conflict with forces that are too powerful to be encountered, resulting in her tragic death. Thus, the existential themes of solitude, alienation, the futility of human existence and struggle for survival form the major themes of the novel. Fire on the Mountain falls into three sections, each further divided into several short chapters of unequal length.
The first section titled “Nand Kaul at Carignano” runs into ten chapters. This section deals with Nanda Kaul, the main protagonist’s lonely life in Kasauli. “Raka comes to Carignano” forms the second section and it contains twenty one chapters. It portrays Nanda Kaul’s change of attitude towards Raka, her great granddaughter. The final section “Ila Das leaves Carignano” is divided into thirteen chapters. This section presents the tragic end of Ila Da, Nanda Kaul’s childhood friend. In all, the book runs to 145 pages.
The structural unity, as suggested by the section captions is offered by Carignano, Nanda Kaul and Raka, running counter to one another complemented by that of Ila Das also provide unity of structure. Like the other works of Anita Desai, the present novel contains neither any story value nor events that are interesting by themselves. The entire novel revolves round the existential angst experienced by the women protagonists. In this novel, “the story element is very thin and there is practically no action except for the tragic end” (Indira 96). The story revolves round the inner lives of the two female protagonists, Nand Kaul and Raka. Nanda Kaul is the wife of Mr. Kaul, the Vice-Chancellor of the Punjab University. When the novel begins, Nanda The Indian Review of World Literature in English, Vol. 1, No. I – Jan, 2005 Kaul is living in Carignano, far from the madding crowd.
She is leading a life of isolation and introspection. She shuns all human company.
Even the postman’s arrival to deliver the letter is frowned upon by her. But this seeming quietude does not last long. Raka arrives at Carignano to convalesce after her typhoid attack. The old woman and the young girl live in double singleness. But as days pass by, Nanda Kaul finds herself drawn towards Raka, something she had not expected.
But the little girl refuses to be befriended and escapes into the hills looking for company in solitude. Ila Das, Nanda Kaul’s childhood friend visits Carignano to meet Raka. A one time lecture in the Punjab University, Ila Das had lost her job subsequent to Mr. Kaul’s retirement. She has come to Kasauli now in her new capacity as an officer in the social welfare department. She fights against child marriage by enlightening the local people about the evils of this practice. This invites the wrath of many of the villagers of whom Preet Singh is one. His attempts to barter his little daughter for a tiny piece of land and a few goats have been successfully thwarted by Ila Das. He is lying in wait to settle his score with her.
One evening, when Ila Das returns late from Carignano to her humble house in the valleys, he waylays her, rapes and murders her. When the news of Ila Das’s death is conveyed to Nand Kaul over the phone, she is rudely shocked and falls dead. Raka unaware of her great grandmother’s death, rushes into the house proclaiming wildly that she has set the forest of fire. Nanda Kaul, Raka and to some extent Ila Das, are embodiments of the existential predicament experienced by the individual in an un-understanding and even hostile universe. A detailed examination of the characters of these protagonists brings to light how Anita Desai has succeeded in giving expression to her existentialist world-view through these characters and by a subtle use of imagery and symbols. When the novel begins, Nand Kaul is presented as a recluse. Living all alone, except for the company of the servants who dare not disturb her privacy, she brooks no human presence. “She wanted no one and nothing else.
Whatever else came, or happened here, would be unwelcome intrusion and distraction”(FM 3). She spends her days in isolation, musing about her past and experiencing the existential ennui. “From the musings of her agitated mind it appears that as the wife of the vicechancellor for the Punjab University and the mother of several children, she has lived a very busy and tiring life “(Raizada 44). Anita Desai unfurls her past in the form of long interior monologues punctuated by authorial interruptions, Nanda Kaul had witnessed only betrayals and demands in life before her retirement to Kasauli. She had lived a monotonous life receiving and treating the endless stream of visitors who used to call on her vice-chancellor husband. Her husband had carried on a life-long affair with his mathematics mistress Miss David, whom he would have married, had she not been a Christian. Again, the memories of her children make Nanda Kaul shudder at the very thought of her past. As a mother of several children, all demanding and unaccommodative, she had been given too many anxious moments. Now all alone in Carignano, a house associated with many weird stories, Nanda Kaul feels that loneliness is the only essential condition of human life.
Whenever she looks at the tall pine trees that stand out from among the underwood, she is reminded of her own alienation. Not exactly conscious of what she is waiting for, nonetheless, she is awaiting the inevitable end to all human existence: death. She is haunted by the existential angst which has led her to conclude that human life is basically a lonely struggle against the odds of life. In her case the odds have manifested themselves in the form of an adulterous husband and cantankerous children.
Strongly convinced The Indian Review of World Literature in English, Vol. 1, No. I – Jan, 2005 that life and dealt a raw deal to her, she has resolved to find the meaning, if any, of her existence in isolation. “She treasures her freedom, her privacy, glad her responsibilities towards her family are over, glad she needs nobody and nobody now needs her” (Krishnaswamy 260). This has coloured her outlook on life to a large extent. Her reaction to the arrival of the postman and Raka, her invalid great granddaughter, makes it appear that she has become a misanthrope. But the truth seems to be that she is a sensitive person preoccupied with the real nature of her existence as opposed to the illusory life of her past as a vice-chancellor’s wife and mother to children. “If Nanda Kaul was a recluse out of vengeance for a long life of duty and obligation, her great grand daughter was a recluse by nature, by instinct. She had not arrived at this condition by a long route of rejection and sacrifice [like Nanda Kaul], she was born to it, simply “(FM 48). Desai’s above observation about Raka’s character at once brings out the similarity and difference with that of Nanda Kaul’s in their mental make up. Raks’s characters has been introduced by the novelist as a foil to Nanda Kaul’s. If Nanda Kaul symbolises a particular aspect of existentialism, which is examined elsewhere in this chapter, Raka epitomises another aspect of the existential predicament: the influence of her parents on her life. Anita Desai makes Raka both young temperamentally and solitude-loving. When Raka is first introduced, the reader is informed that she is the granddaughter of Asha, the most problematic of Nanda Kaul’s daughters.
That she is an unwelcome intruder into Nanda Kaul’s life is suggested by an image. As Nanda Kaul first looks at her greatgrand daughter who is walking towards her, she reminds the old lady of an insect: Raka slowed down, dragged her foot, then came towards her great grandmother with something despairing in her attitude.. She turned a pair of extravagantly large and somewhat bulging eyes about in a way that made the old lady feel more than ever her resemblance to an insect. (FM 39). However, the old lady is shocked to see the pale and gaunt little girl and is moved to pity. But “to Nanda Kaul she was still an intruder, an outsider, a mosquito flown up from the plains to tease and worry” (FM 40). Raka herself does not bother much about the “blatant lack of warmth”(FM 40) exhibited by her great grandmother. She prefers to stay away from company. Like a wild animal newly caged, she keeps prowling barefoot in her room, looking at the stone heaps. She is not interested in flowers or playing as children of her age normally tend to do. By using two reptile images successively in a span of two pages, and by a suggestive hint about Raka’s lack of interest in play and flowers, Desai impliedly establishes that there is something weird about her. Soon through several interior monologues enacted in Raka’s subconscious mind, the reason for the abnormality in her is unfolded.
The daughter of an ill-matched couple, Raka has been witness to the brutality and futility of human existence. She is haunted by the recollections of the nightmarish nights that have made her almost a child-stoic. Somewhere behind them, behind it all was her father, home from a party, stumbling and crashing through the curtains of the night, his mouth opening to let out a flood of rotten stench, beating at her mother with hammers and fists of abuse-harsh, filthy abuse that made Raka cower under her bedclothes and wet her mattress in fright, feeling the stream of urine warm and weakening between her legs like a stream of blood, and her mother lay down on the floor and shut her eyes and wept. Under her The Indian Review of World Literature in English, Vol. 1, No. I – Jan, 2005 feet, in the dark, Raka felt that flat, wet jelly of her mother’s being squelching and quivering, so that she didn’t know where to put her feet and wept as she tried to get free of it. Ahead of her,no longer on the ground but at some distance now, her mother was crying. Then it was a jackal crying. (FM 72) The sudden shift from the interior monologue about her bitter past to the present observation of the jackal crying, the latter superimposed on the former brings out Raka’s predicament. By doing this, the novelist likens the haunting memories to the crying jackals. So Raka’s life is a close encounter with things that are wild and frightful- be it the memories of her mother beaten to pulp by a drunkard father or the chilling cry of the jackals. Instead of trying to escape from this harsh and unnerving experiences and memories, Raka goes farther and deeper into them as if to fathom the bottom of such wild realities. After some initial hesitation, she ventures deep down the ravine to the Monkey Point- a place not frequented by others and from where the cries of the jackals are heard: No one ever came here but Raka and the cuckoos that sand invisibly.
These [the cuckoos]were not the dutiful domestic birds that called Nanda Kaul to attention at Carignano. They were the demented birds that raved and beckoned Raka on to a land where there was no sound, only silence, no light, only shade, and skeletons kept in beds of ash on which the footprints of jackals flowered in gray. FM 90) This passage effectively coveys Raka’s plight and significance. She is at once a little girl with a splintered psyche and an unmistakable symbol of the individual’s quest for meaning. The jackals are symbols of the mystery of life and Raka’s walk to the Monkey Point is symbolic of her search for something unknown, yet inevitable and indispensable. Not all children would dare to brave the rough terrains of the ravines and impending menace of the jackals.
Similarly, not all human beings are conscious of the futility of human existence nor are they in search of newer values. The existential theme of quest for meaning undertaken by those who refuse to remain merely as members of the multitude is well brought out in the lonely and mystified wanderings of Raka. In this respect it has been pointed out by Shantha Krishnaswamy: Her [Raka’s] childhood has hardened her into a little core of solitary self-sufficiency and now, a young girl up here in the mountains.. her spirit is defiant enough to go chanting ‘I don’t care, I don’t care, I can’t care of anything’ (FM 73). The conventional sweet smells and sounds of girlhood are ignored, she feels drawn by scenes of devastation and failure. The forest fires tingle her and she bursts from the shell of Carignano like a sharp, keen edged explosive to set fire to the mountainside. (Krishnaswamy 261, 262) The concluding part of the foregoing observation concerning Raka’s predilection for the forest fires needs elaborate analysis for it has symbolic overtones. Ever since her arrival at Carignano, Raka evinces a keen interest in wild fire.
This obsession with the forest fire provides yet another dimension with the forest fire provides to her existentialist preoccupations. Immediately after her arrival at Carignano, on witnessing a fire in the forest she becomes obsessed with forest fires for they seem to her the empirical manifestation of her inner conflict: whether to continue with her mediocre and painful and aimless existence imposed upon her by heredity and environment or to revolt against their dictates and attempt to create her own values. The Indian Review of World Literature in English, Vol. 1, No. I – Jan, 2005 By an elaborate expression of her free will and demonstration of her ability to choose and act, she sets the forest on fire towards the end of the novel. The fire created by her is the result and manifestation of her existential angst to destroy the old and meaningless to make room for the new and significant. It is an affirmation of her search for values in an otherwise futile existence. Ila Das is the third female protagonist of the novel. Unlike Nanda Kaul and Raka who are central to the story, her role is only marginal.
Nonetheless, Anita Desai has projected yet another aspect of the existentialist philosophy through her character. “Her life suggests another dimension of misery and meaningless existence” (Jena 30). She is first introduced to the readers, when she calls Nanda Kaul on the phone and informs her of her intended visit to Kasauli to meet Raka. She speaks in a “hideous voice” (FM 21) and is rather plain in her looks. Through a long interior monologue in Nanda Kaul’s mind, the readers are informed of her past. She was Nanda Kaul’s childhood friend. She had also served in the university as a lecturer, thanks to Nanda Kaul’s good offices.
But soon after the death of Mr. Kaul she had been ousted and had struggled a lot before finding the present employment as a social welfare officer. A poverty stricken loner of aristocratic of child marriage, a practice rampant among the tribals. This lands her in an unenviable situation. She finds herself fighting a lonely battle against a mindless multitude. But she is not cowed down by adversity.
She remains steadfast in her conviction and refuses to make any compromises. Though she is aware of the dire consequences that she might be forced to encounter, she remains faithful to her cause. She succeeds in stooping several such child-marriage, the prominent one being the marriage of Preet Singh’s seven year old daughter. Sustaining herself on a meagre pay and putting up with the inevitable condition of loneliness, she wages a valiant battle against the dictates of the society. Finally, she pays a dear price for her convictions and refusal to compromise. She is raped and murdered by Preet Singh who has been dying for revenge.
Though Ila Das plays a minor role in the novel, she is also an allegorical figure. She not only lives in isolation but also braves the brute majority with conviction and commitment as her tools. True, she meets with a tragic end but has made her existence significant in exhibiting courage and determination in the face of stiff resistance and threat to life. ”Her real involvement in people’s welfare assumes tremendous symbolic significance “(Jena 30). She epitomises the existentialist concept of struggle against the odds of life. “For the existentialist, man is never just part of the cosmos but always stands to it in a relationship of tension with possibilities of tragic conflict” (Macquarrie 17). She stands for the thinking individual who dares to exercise her free will and act according to her choice rather than submit meekly to the odds of life.
The mindless tribal society in general, and Preet Singh in particular, represent the malevolent aspect to human existence-forces that are bent upon thwarting the individual’s purpose and undoing her. “One of the many ways of defining tragedy sees it as a clash between the aspiration of human freedom and creativity with a cosmic order that is stronger and defeats man “(Macquarrie 189). Though Ila Das loses her chastity and life in the process of her struggle with such brute forces, her life has nonetheless become meaningful by virtue of the fact that she chooses a cause, fights for it and sacrifices herself in trying to accomplish her task. An examination of the use of symbolism and imagery in the novel proves beyond doubt the novelist’s existential concern. She portrays a tragic world where no compromises are made, no epiphanies are exploded, to be totally destroyed, as the The Indian Review of World Literature in English, Vol. 1, No. I – Jan, 2005 sensitive, the visionary suffer nothing but suffocation and oppression. So, the content of the novel is sheer violence. The lives of the principal characters are ‘unloved’ and ‘unlived’. (Indira 95,96). In keeping with this concept, Anita Desai resorts to the effective employment of imagery and symbolism in Fire on the Mountain. Her predilection for prey-predator imagery abounds in this novel also.
Images of ugliness, loneliness, destruction and annihilation are consistently used in order to reflect the existential tone of the novel. An atmosphere of solitary introspection is created with the help of several images. For example, when she receives a call from Ila Das, Nanda Kual “turned her head this way and that in an escape. She watched the white hen drag out a worm inch by resisting inch from the ground till it snapped in two. She felt like the worm herself, she winced at its mutilation “(FM 21). The same is continued in the next page also: “Still starting at the hen which was greedily gulping down bits of worm, she thought of her husband’s face and the way he would plait his fingers across his stomach… “(FM 22). This prey-predator image of hen pecking at a worm is suggestive of Nanda Kaul’s present inner turmoil. Her past suffering at the hands of the adulterous husband and her present awareness about the harsh realities of life are both successfully established by this image.
Another important image employed recurrently is that of the pine tree that stands burnt and alone, which is often an object of attraction for Nanda Kaul: “She was grey, tall and thin … she fancied she could merge with the pine tree and be mistaken for one. To be a tree, no more and no less, was prepared to undertake”(FM 4). Again, this image also contributes to the existentialist theme of the novel. “Nanda’s sense of identification with the pine trees suggests her desire for absolute stillness and withdrawal from life”(Indra 97). The image of the charred pine tree is repeatedly employed in the novel. Raka is reminded of the futility of existence while she looks at the lonely hills and charred pine trees: “This hill, with its one destroyed house and one unbuilt one, on the ridge under the fire-singed pines, appealed to Raka… There was something about it- illegitimate, uncompromising and lawless…. The sense of devastation and failure drew her, inspired her “ (FM 90). Images of insects like lizards, birds like eagles and parrots, and “the thematic image of the ‘fire’ with its connotations of violence and urgency occur at regular intervals, warning the reader of the impending tragedy” (Indira 96). The critic S. Indira sums up the significance of imagery in Fire on the Mountain quoting D. H. Lawrence and the novelist herself:It is the charming mosaic of imagery woven so skillfully by the novelist that makes the Novel a work of art. Quoting D. H. Lawrence who said ‘If I eat an apple, I like to eat it with my senses,’ Anita Desai herself stated that the novel in which she attempted this closeness of man and beast, earth and vegetable was Fire on the Mountain. Imagery alone makes it possible and, in the process, the novel gains a richer texture and greater depth. As a critic says, “this novel deprived of its imagery, would be an ugly skeleton, chilling the reader” … The significant house imagery, the images of plants, colour, atmosphere and moon- all contribute to the textual density and symbolic centrality of the novel.
Indira 96) Another important aspect of this novel’s narrative technique is its symbolism. There are several symbols that deepen the philosophic implications of The Indian Review of World Literature in English, Vol. 1, No. I – Jan, 2005 the novel. To start with, Carignano, Nanda Kaul’s present abode, is symbolic of the loneliness and barrenness of human life in general and Nanda Kual in particular: What pleased and satisfied her so, here at Carignano, was its barrenness. This was the chief virtue of Kasauli, of course- its starkness…Occasionally an eagle swam through this clear undoubted mass of light and air . FM 4) The lonely house is symbolic of the lonely life of Nanda Kual and Raka. The barrenness and starkness associated with its symbolise an essential human condition –alienation which is the key note of all existential philosophy. The eagle symbol, like the house symbol, is repeatedly used in the course of the novel to highlight another aspect of existential philosophy, namely quest.
The sight of the eagle flying high, makes Nanda long to be able to soar like the bird: “An eagle swept over…. its wings outspread, gliding on currents of air without once moving its great muscular wings which remained in repose, in control, She [Nanda Kaul] ad wished, it occurred to her, to imitate the eagle-gliding, with eyes closed” (FM 19). This longing for soaring above the reach of deterministic confines is the hall mark of Raks’s characters. To emphasise this aspect, the novelist employs the eagle symbol while describing Raka’s walk to the Monkey Point. “She was higher than the eagles, higher than Kasauli and Sanwar and all the other hills…”(FM 61). Thus Nanda Kaul’s wish and Raka’s attempt merge in the eagle-symbol, which denoted their existential angst and quest for values. The forest fire scene has symbolic overtones. Like the “The Fire Sermon” in T. S. Eliot’s The Waste Land, the fire in Fire on the Mountain “ … is a destroyer. It is also a purifier” (Brown 557). By making use of the universal fire symbol.
Anita Desai endows Raka’s character with allegorical implications. Raka, the invalid restless little girl who is the product of a broken home, becomes the symbol of the existentialist’s perception of the individual who finds herself in this hostile and futile world. Yet out of compulsion, she strives to find or create values and significance for her existence. In this regard it has been observed that the symbolic implication of the forest fire is reinforced by the title of the novel, Fire on the Mountain is highly significant from the thematic point of view. The mountain symbolises Nanda Kaul and the fire is symbolic of Raka’s wild nature. “Nanda is the ‘rocky belt’, dry, hardened by time and age.
Raka is silent, swift and threatening like forest fire… The novel, thus [sic] may be noted as a story of inabilities of human beings to ignore the world, to place oneself in another’s position”(Choudhury 79). Another factor that adds to the philosophical implications of the novel is the frequent allusions to books and poems. As in other novels in Fire on the Mountain too Anita Desai uses poetry, and this time it is a poem by Hopkins: I have desired to go Where springs not fail To fields where files no sharp and sided hail And a few lilies below And I have asked to be The Indian Review of World Literature in English, Vol. 1, No. I – Jan, 2005 Where no storms come, Where the green swell is in the havens dumb, And out of the swing to the sea. (FM 87). This poem has some connection with he character of Nanda Kaul who quotes it and the poem signifies her desire to be away from the humdrum of life, to a heaven of nature far from the madding crowd. By introducing this poignant stanza from Hopkin’s poem, Anita Desai highlights the theme of alienation which is the central theme of the novel. The same effect is achieved by introducing an allusion to a passage from The Pillow Book of Sei Shonagon which begins with a title ‘When a Woman lives Alone’ and through the image of a dilapidated house “with a poignantly desolate look “(FM 27). This image has symbolic overtones as it suggests the lonely and desolate life of Nanda Kaul herself. Again, when Nanda Kaul is in the company of Raka, there is an allusion to The Travels of Macro Polo (FM 87). The reference to this book reminds the ‘Cape of Good Hope’. This also adds to the symbolism of the novel. This is miniature adventure like the one Marco Polo undertook in search of something new and promising. Thus, the characters of Nanda Kaul, Raka and Ila Das are studies of women in isolation. Essentially a writer of existential inclinations, Anita Desai examines three important aspects of this school of thought through her protagonists.
The predominant traits of existentialism are alienation, quest and conflict. These three aspects are epitomised in the lives of three female protagonists. Nanda Kaul is a study in alienation and existential angst. Raka symbolises the individual’s quest for meaning in an otherwise futile life.
Ila Das stands for the eternal conflict enacted in the human drama between the individual and the forces of determinism. One common ground for these three characters is that they are women who live in isolation both out if choice and compulsion. Desai has examined the predicament of women in wilderness by placing these three characters Kasauli, a place surrounded by hills and valleys, for removed from civilisation. She has consciously done it to examine the predicament and psyche of women in isolation. By placing her female protagonists with nature herself as the backdrop, Anita Desai has endowed a symbolic and universal significance to the plight of her protagonists. In this regard it has been pointed out: Essentially, Desai is a novelist of existentialist concerns, chiefly considering what F. H. Heinaman described as ‘the enduring human condition. ’ In her novels, she has ably dwelt upon such existentialist themes as maladjustment, alienation, absurdity of human existence, quest for the ultimate meaning in life, decision, detachment, isolation and time as the fourth dimension, focussing on how women in the contemporary urban milieu are bravely struggling against or helplessly submitting to the elentless forces of absurd life (Prasad 140) To sum up, Fire on the Mountain invites comparison with Shakespeare’s King Lear. In this great tragedy, when he dramatises the agony of betrayed father, Shakespeare removes Lear from the palace and places him in the wild heath- a hostile place- to suggest that the plight of Lear is identical with the suffering of every wronged father. Shakespeare employs animal imagery to indicate the rotten and corrupt world of the dramatis personae of King Lear. Images of ugly and evil animals like jackals and wolves are recurrently used creating an animal imagery that reinforces the thematic concern of the play, namely the tragedy of human life, The Indian Review of World Literature in English, Vol. 1, No. I – Jan, 2005 personified in the life of Lear, a victim of indifference in old age. Anita Desai’s use of imagery of King Lear. By making use of the images of insects and animals like mosquitoes, lizard and jackals, Desai hints at how her female protagonists despise the absurdity of their existence. They either withdraw into a shell like Nanda Kaul or like Raka, long for something new or is made miserable by the environment as in the case of Ila Das. Similarly, by making Kasauli the location of her novel, Desai has endowed it with a wider appeal where the boundaries of region, religion and time cease to exist.
This novel contains the core of the novelist’s existential world-view in that all the three characters are nothing but the manifestations of her alter ego that gives expression to her outlook on life. It may not be an exaggeration to her outlook on life. It may not be an exaggeration to say that Fire on the Mountain merits a place in the galaxy of existential masterpieces like Kafka Trial, Camus’ The Plague and Sartre’s Nausea. WORKS CITED PRIMARAY SOURECS 1. Fire on the Mountain. London : Penguin Book 1977. SECONDARY SOURCES 2. Ahmed, sheikh musthaq, Existential Aesthetics.
New Delhi: Atlantic Publishers, 1991. 3. Brown, calwin s. The Reader’s Companion to World Literature , New York : Penguin , 1984 4. Chatterjee, Margaret. “Introducing Existentialism” Ed. Chatterjee. New Delhi: Arnold – Heimannn, 1983. 17-30. 5. Choudary, Bidulata. Women and society in the novels of Anita Desai. New Delhi: Creative Books , 1995 6. Das, Ras vihar. “ Existentialism” History of Philosophy Eastern and Western. Vol. II . Ed. Dr. Sarvapalli Radhakrishnan.
London: George Allen & Co unwin Ltd, 1953 7. Gupta, Balarama G. S. “Fire on the Mountain: A fictional metaphor of Existentialist Philosophy. ” Perspectives on Anita Desai. Ed. Ramesh K. Srivatsava Ghaziabad: Vimal Prabhashan, 1984 The Indian Review of World Literature in English, Vol. 1, No. I – Jan, 2005 8. Indira ,s. Anita Desai as an artist. New Delhi: Creative Book, 1994. 9. Jena Seema, Voice and vision of Anita Desai. New Delhi: Ashish publishing House, 1989. 0. Krishnaswamy, Shantha, The woman in Indian Fiction in English. New Delhi; Ashish publishing House, 1983 11. Macquarrie, John Existentialism. Harmondsworth: Penguin Books, 1972. 12. Prasad, Madhusudan, Anita Desai : The Novelist.
Allahabad: 13. Raizada, Harish “ The Haunted protagonists of Anita Desai” perspectives of Anita Desai. Ed. Kamesh k. Srivastava, Ghaziabhad: vimal prabhakaran, 1984. 31 – 53. 14. Singh, R. A. Existential characters of Arun Joshi and Anita Desai. Bareilly: Prakash Book Depot, 1991. Prof. N. Sethurman, Ph. D. , PG & Research Dept. of English, Pachiyappa’s College, Chennai-30, Tamilnadu, India.
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My Favourite Hobby
My Three Favorite Hobbies
Most of my day consists of studies, doing house chores, and going to school. With all that, all my time is usually taken up. It is very hard to find time for myself. It can get very stressful with homework, traffic, and getting work completed on time. When I do get the chance to have some extra time, I have many other activities I enjoy doing. A few of my hobbies include sleeping, going to the movies, and listening to music.
First, I enjoy sleeping every chance I can get. When I am at school I try to make time during my breaks to get a few minutes of sleep. It helps me be alert and stay awake throughout the day. Also, any spare time that I might have I try to get some sleep, for example between classes, or between my travel and school. It rarely happens, but I take advantage of it when it does come along. My favorite time to sleep would be at night; everyone’s favorite time to sleep is at night I would guess. Getting a good night's sleep is important to me. If I do not get a good night's sleep, I can pretty much count myself as dead the next day.
Second, going to the movies gives me something to do. When I am bored, it always seems like a good idea to just head out and go watch a movie. I do rarely have time in my schedule to get bored, but it does happen once in a blue moon. I enjoy going to the movies and it puts me in a better mood. To laugh, get scared, or even cry over something that does not have anything to do with my own personal life is a good feeling. For example, the movie Mirrors was an awesome movie about spirits being trapped in mirrors. I was scared during the movie, but I knew once it was over, that was not something I had to be scared of in real life. My friends sometimes like to get together and make it a group thing to go out and all see a movie. Usually, when this happens, we do not know what we are going to watch until we get there. Meaning this could come to waiting for hours for the movie to start and take the chance of watching a dual movie. Having your friends there always make it all worthwhile.
Lastly, listening to music releases most of the stress I get from my busy day. When I am at home doing my homework, I put music on to help me think. It clears my mind, and I have realized I work faster while listening to it. I have an MP3 player with all of my favorite songs downloaded to it. Listening to it makes my day seem to zoom by. Also, I enjoy listening to the talk shows in the morning where the radio hosts do funny pranks on people who call in. It makes me laugh and awakens me in the morning.
My absolute favorite time to listen to music would be when traffic. When I am sitting there not moving, all I have to do is turn up the radio and tune out of all the traffic. In my mind, it makes it seem as if traffic was going quicker. Unfortunately, I lost it, by now I’m planning to buy one, because I think I can’t live without it Sleeping, going to the movies, and listening to music are the three main hobbies I enjoy the most in my spare time. I hope there will be time to do all the things that make me the happiest in life. Then, I will be able to sleep all I need to. I will be able to go to the movies, not just out of boredom. I will listen to music more than just at home or while stuck in traffic.
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Inventory Management System Proposal
SOFTWARE ENGINEERING PROJECT PROPOSAL on “Departmental Store’s Inventory Management System”
1. Introduction
In Departmental Store’s Inventory Management System we keep track of objects or materials of the store. Properly managing inventory is essential to the success of every dealership. Inventory Management system provides information to efficiently manage the flow of materials, effectively utilize people and equipment, coordinate internal activities and communicate with customers. In the current scenario of our country few departmental stores are automated and some are semi automated and many are still having manual system for keeping the record of inventory. In manual system the inventory management system is quite time consuming and tedious. Semi automated system is also not well organized.
2. Problem definition
Some of existing system semi automated and many are manual to keep the transaction record of the inventory in the departmental store. People still prefer to follow the manual method even if there is automated system to keep the record. We have found that employees first of all record all information in there ledger before entering in computer system. They are using both ways to keep the record of stock purchase, inventory, sales monitoring, etc. Following this method is very time consuming and tedious. It has many drawbacks as there may be mistakes while recording large data and this may disrupt the important transaction. So, in this project we are trying to make inventory management system which will help employees to keep record of inventories in systematic way and help them produce report about the inventory or stock currently available in their store in automatic way to help then sale forecasting, decision making about the stock etc.
3. OBJECTIVES OF THE PROJECT IS TO DEVELOP INVENTORY MANAGEMENT SYSTEM FOR DEPARTMENTAL STORE.
4. SYSTEM STUDY
We have studied the present Inventory Management System of two departmental stores. These departmental stores use semi-automated method for the records. Part of the record is recorded manually in paper. In case of automated they use VB 6 for front end and Microsoft SQL for back end. The total information of the product which was recorded manually can now be automated using this system. The full information regarding the product along with its inventory information can now be automated. The system provides GUI features which is user friendly.
5. SOLUTION OUTLINE
Recording data manually in the register is slow and inefficient process. Also, searching information about a particular product from thousands of records can be a very hard job. So, one of the best solutions to this problem is keeping record of the products in computerized Database Management System. The computerized Database Management is made using combined features of mysql and Web Page designing. This can help the business enterprise to keep the record of each and every product in computer which is far more efficient than keeping record in semi-automated manner. In this system the employees will also be able to view the information about the product available in the store online which will help to increase the efficiency of work. This system will also help to maintain a proper merchandise assortment while ordering, shipping, handling, and related costs are kept in check.
6. Significance of the solution
The computerized Inventory Management System for the departmental store will be helpful for the smooth operation of the department. It will help to keep records of products efficiently, reduce time to search records; will keep the record of the products of the store thus simplifying the process of updating records. The GUI features provides good user friendly tools. This system will help Maintaining a wide assortment of stock--but not spreading the rapidly moving ones too thin and increasing inventory turnover--but not sacrificing the service level.
7. PROJECT SCHEDULE [pic]
8. SCoPE
This Inventory Management System for departmental store is being developed with reference to two business enterprises in order to keep record of the entire product with their proper stock maintenance. But the scope of this inventory management system is not limited in these stores only. It can also be apply to any other following semi-automated recording with some modification.
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Consumption Patterns of Soft Drinks and Fruit Juices
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British Brand Durex
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Basic Economic Concepts
Basic Economic Concepts Basic Indicators The following basic economic indicators are important to understand: * Gross Domestic Product (GDP) - is the total amount of all goods and services produced in the country. This includes consumer spending, government spending and business inventories. Real GDP is a variant that takes out the impact of inflation, so that GDP can be compared over time. Real GDP is the basic measure of business activity and tracks the business cycle. Consumer Price Index (CPI) -is a measure of the price of a basket of goods and services; increases to this index indicate an increase in inflation. * Producer Price Index (PPI) -is a measure of the price of commercial items, such as farm products and industrial commodities. PPI indicates the cost to produce items and is the leading indicator of inflation. * Trade deficit - resultswhen a country's imports exceed its exports. The United Statesusually has a trade deficit. * Trade surplus - resultswhen a country's exports exceed its imports. Balance of payments (BOP) - is the amount of foreign currency taken in minus the amount of domestic currency paid out; the United States usually has a balance of payments deficit. * Unemployment rate - the Bureau of Labor Statistics releases employment numbers each month that note the number of employed and unemployed people in the United States, as well as the percentage of unemployed. Increases in the unemployment rate tend to occur when the economy declines and vice versa. Swami and Friends| | Swami and Friends is the first of a trilogy of novels written by RK Narayan, a celebrated English novelist from India. The novel, which is also Narayan's first, is set in pre-independence days in India, in a fictional town - Malgudi, which has almost become a real place in India today, due to the wide recognition and popularity of Narayan's many novels. His novels are known for their 'deftly etched characters, his uniquely stylized language and his wry sense of humor'. Swami and Friends is the story of a 10-year-old boy, growing up during this particular time, his innocence, wonder, mischief and growing pains. He is a student at Albert Mission School, a school established by the British which gives importance to Christianity, English literature and education. His life is dramatically changed when Rajam - a symbol of colonial super power - joins the school and he and Rajam become friends. About the Author RK Narayan started his prolific writing career with this novel Swami and Friends written in 1935. It is full of humor and irony. Narayan started writing this novel with the words "It was Monday morning…" to the auspicious time his grandmother chose for him. Like many of his fictional grandmothers, he was close to his grandmother who was well versed with astrology. Despite this it took time for the budding writer to be acknowledged as an author. Fortunately for him, he had helped from many quarters, such as the well-established author British author Graham Green. He called Swami and Friends a work of "remarkable maturity, and of the finest promise…and is the boldest gamble a novelist can take. If he allows himself to take sides, moralise, propaganda, he can easily achieve an extra-literary interest, but if he follows Mr. Narayan's method, he stakes all on his creative power. " Notes The novel, first intended for a very young audience, later expanded into a universal one, for its simple narrative and depiction of colonial India. Today in India it is recommended as a textbook or a reference book. One of the most glaring facts about the novel is the similarity of children through out the world, and how they have not changed since the time the novel was written. Children are all mischievous, impulsive and innocent like Swami. They all play and enjoy just like Swami, and try to circumvent doing homework by ingenious excuses and methods. Like Swami most children - even today- attend schools that do not nourish their heritage and culture, throughout the world including the US. The criticism of the educational system and the lack of faith in it is a common theme of Narayan. It runs throughout this trilogy Swami and Friends, The Bachelor of Arts and The English Teacher. Narayan's own father who was a principal did not think much of the system as Narayan and his many fictional characters, such as Swami, Chandran, Krishna, Sriram and a host of others. But the educational system comes under grave criticism in this trilogy, and discussed at length in The English Teacher. (Read The English Teacher web page in this site. ) It is not that Narayan thought that education was useless, but rather that the school and education system founded by the British was irrelevant. He was maybe among the second generation of persons who received a formal education in India during the time, and saw how his grandparents and many other of his countrymen surviving, thriving and living as good human beings, perhaps even better than the 'educated folk,' without any education.
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Commonwealth Games
HISTORY AND OVERVIEW OF THE COMMONWEALTH GAMES BY MARTINS BEN IGWE THE COMMONWEALTH FAMILY The Commonwealth is an association of independent sovereign states spread over every continent and ocean. The Commonwealth’s 2 billion people make up 30% of the world’s population and are of many faiths, races, languages, cultures and traditions. The Commonwealth Games Family is best described as all persons who are entitled to accreditation at the Games under the provisions of the CGF. COMMONWEALTH GAMES FEDERATION (CGF) The CGF is the governing body of the Commonwealth Games with the overall responsibility for the direction and control of the Games.
The Patron is Her Majesty Queen Elizabeth II and the Vice Patron is HRH the Earl of Wessex. Other members of the governing body are the President, Executive Board Members, Committees, Staff and Distinguished Guests of the CGF, Secretary General of the Commonwealth Sovereigns, Heads of State & Government (including royalty), Future Organising Committees, World Anti Doping Association and the Court of Arbitration for Sports. THE HISTORY OF THE COMMONWEALTH GAMES The Commonwealth games were first held in 1930 in a city called Hamilton, Canada where 11 countries sent 400 athletes to take part in 6 sports and 59 events. Bobby Robinson, a major influence within athletics in Canada at the time, finally implemented the event that had been talked about amongst Commonwealth nations for over thirty years with the City of Hamilton providing $30,000 to help cover travelling costs of the participating nations. Since then, the Games have been conducted every four years, except for 1942 and 1946 due to the World War II. The event has seen many changes, not least in its name. From 1930 to 1950 the Games were known as the British Empire Games, from 1954 until 1966 the British Empire and Commonwealth Games and from 1970 to 1974 they took on the title of British Commonwealth Games. It was the 1978 Games in Edmonton that saw this unique, world class, and multi-sports event change its name to the Commonwealth Games.
Often referred to as the “Friendly Games”, only single competition sports had been on the programme from 1930 up to and including the 1994 Games in Victoria. The 1998 Games in Kuala Lumpur saw the introduction of team sports with nations taking part in cricket (50 over game), hockey (men and women), netball (women) and rugby 7’s (men). In Manchester in 2002 hockey, netball and rugby 7’s graced the programme again and at the 2006 Games in Melbourne basketball accompanied hockey, netball and rugby 7’s on the programme.
Presently in Delhi 2010 hockey, netball and rugby 7’s are again a feature. The 2002 Games in Manchester also saw for the first time, indeed at any multi-sport event in the world, a limited number of full medal events for elite athletes with a disability (EAD) in a fully inclusive sports programme. This continued in Melbourne where EAD athletes took part in athletics, swimming, table tennis and powerlifting. In the year 2000 the Commonwealth Games Federation (CGF) took on the added responsibility of the Commonwealth Youth Games, open to athletes 18 years of age and under the Youth Games provide an excellent opportunity for aspiring young athletes from the Commonwealth with a taste of what the Commonwealth Games has in store for them in the future. The inaugural Games were in Edinburgh with the last edition being hosted in 2004 in Bendigo, Australia with Pune in India in 2008 hosting the 3rd edition. In such a short space of time the Youth Games has grown in stature and this is evidenced by award of the 2011 Commonwealth Youth Games to the Isle of Man. The story of the Games evolved yet again on the 9th November 2007 when Glasgow (Scotland) was awarded the right to host the 2014 Commonwealth Games. COMMONWEALTH GAMES ASSOCIATIONS (CGA) The CGAs are the 71 recognised organisations that are responsible for preparing, selecting and sending a team of athletes and support staff to compete in each Commonwealth Games, Athletes, Presidents and Secretaries General, Chefs de Mission, Team Officials (Coaches, Media, Medical, and Administrative) and special guests. THE 20TH COMMONWEALTH GAMES The 20th Commonwealth Games in 2014 tagged Glasgow 2014 will be held in Glasgow, the largest city in Scotland.
The winning city was announced by the Commonwealth Games Federation on 9 November 2007 in Colombo, Sri Lanka. The Games will run over 11 days of competition from 24 July to 3 August 2014. It will be the largest multi-sport event ever held in Scotland. Over the last 10 years however Glasgow and Scotland have also staged World, Commonwealth, European or British events in all 17 sports proposed for the 2014 Commonwealth Games, including the World Badminton Championships in 1997. It will be the third time the Commonwealth Games have been held in Scotland, previously hosting in 1970 and 1986, both occasions in Edinburgh. BIDDING TO HOST THE COMMONWEALTH GAMES 2014 Scotland was the first country to consider hosting the 2014 Commonwealth Games in 2004, with Scottish cities being invited by the Commonwealth Games Council for Scotland to consider making a bid. In September 2004, Glasgow was announced as the Scottish candidate city over Edinburgh (which hosted the Games in 1970 and 1986, and the inaugural Commonwealth Youth Games in 2000) following a cost-benefit analysis by the Commonwealth Games Council for Scotland. The Scottish Executive under the First Minister of Scotland, Jack McConnell, with the support of the United Kingdom government and all main parties in the Scottish Parliament, formally announced Glasgow’s intention to host the games on 16 August 2005. In March 2006, the bidding process began, with the Glasgow Bid team presenting their case to the Commonwealth Games Federation at the 2006 Commonwealth Games in Melbourne, along with the other confirmed candidate cities; the Nigerian capital, Abuja and Halifax in Canada. In October 2006, the first voting delegates arrived in Glasgow, in order to inspect the city’s existing and proposed amenities and facilities. Glasgow announced on 16 January 2007, the 17 sports to be included should its bid be successful.
Halifax later withdrew its bid on 8 March 2007, following the withdrawal of funding from the municipal government. That left Abuja and Glasgow as the remaining bidders, with Abuja seen as a likely favourite due the basis of its campaign that an African nation has never before hosted the Commonwealth Games. The deadline for formal submission of bids to the Commonwealth Games Federation, in the form of a Candidate City File, was set for May 2007. Both bids were highly recommended, though Glasgow’s bid team had made use of extensive benchmarking against the 2002 Commonwealth Games in Manchester and the 2006 Commonwealth Games in Melbourne and as a result, its bid was deemed technically superior according to the CGF Evaluation Report that was released in September 2007. The Commonwealth Games Evaluation Commission concluded that: “Glasgow has shown it has the ability to stage the 2014 Commonwealth Games to a standard which would continue to enhance the image and prestige of the Games. ” This put Glasgow ahead in terms of the technical comprehensiveness of its bid. The final decision on the host city of the 2014 Commonwealth Games was held in Colombo, Sri Lanka on 9 November 2007 at the Commonwealth Games Federation General Assembly, attended by all 71 Commonwealth Games member associations.
Each bid city made a presentation to the General Assembly, the order of which was determined by drawing lots. Glasgow’s delegation was led by Louise Martin, First Minister Alex Salmond, athlete Jamie Quarry and Leader of Glasgow City Council Steven Purcell. The presentation also included a promotional film narrated by Sir Sean Connery. Abuja’s delegation was led by General Yakubu Gowon, head of the Abuja 2014 Commonwealth Games bid team. The CGF members subsequently voted for their preferred candidate in a secret ballot. As there were only two bids, the winner was announced by the CGF President, Mike Fennell, after the first round of voting, with the winner only requiring a simple majority.
The results of the bidding process were: Abuja (Nigeria)24 votes Glasgow (Scotland)47 votes GAMES IMPACT The Scottish Government, Glasgow City Council and Commonwealth Games Scotland all have ambitious plans to generate a lasting social, economic and sporting legacy from the Games. Historically host cities have seldom managed to achieve these kinds of legacy benefits, but the planning and preparation for Glasgow’s bid goes back to 2002, and much consideration has been given to this aspect.
Indeed the belief that the Games could be a catalyst for such change was one of the major reasons why Glasgow put in a bid in the first place. The Glasgow 2014 Commonwealth Games will have a profound impact on the positive reputation on the City of Glasgow and Scotland. It will affect the environment, economic climate and society as a whole. Glasgow 2014 Organizing Committee will approach the journey to deliver the Games in a responsible and sustainable manner. A number of key policies will be developed to tackle Games delivery issues such as sustainability, the environment, accessibility and health and safety. It is Glasgow 2014’s intention to cascade its philosophy throughout all operational aspects of the organization and to collaborate with its Games partners and stakeholders to maximize the value of such initiatives may bring as a result of a successful Games. MISSION, VISION AND VALUES OF THE ORGANIZING BODY FOR GLASGOW 2010 The mission The mission of the organizing body is to organize and deliver the Glasgow 2014 Commonwealth Games in a way that fully realizes the aspirations of the Glasgow Bid and the contractual obligations of the Host City Contract – on ime and on budget. The vision The vision of the organizing body is to stage an outstanding, athlete-centered and sport-focused Games of world-class competition that will be celebrated across the Commonwealth, generate enormous pride in Glasgow and Scotland, and leave a lasting legacy.
The values The value of the organizing body is an inclusive organization that epitomizes the values of integrity, responsibility and endeavor. It is one in which all people of Scotland will be valued. They also aim to engage other game partners in the spirit of sportsmanship. FINANCING AND ADMINISTRATION The Scottish Government and Glasgow City Council agreed to underwrite the Organizing Committee’s net running costs of staging the Games, which is currently budgeted at ? 288m. This will be on the basis of an 80/20 split. It is expected that the majority of the 80% of costs to be covered by the Scottish Government will be new money committed to the sports and major events budget. A further ? 50m is expected to be raised through merchandising, broadcasting, sponsorship and ticket sales. Current major corporate sponsors include; Clydesdale Bank, Highland Spring, O2, FirstGroup, BBC Scotland and Diageo. Other capital expenditure is taking place in addition to the Organizing Committee’s budget, principally on venue infrastructure. Only three entirely new venues are required to stage the games, which are budgeted at a combined total of ? 200 million and additions to existing venues will cost an additional ? 70 million, although most of this investment had been planned to take place regardless of the bid result.
The Games Village is projected to cost some ? 229 million and will be developed through a Public Private Partnership scheme. Following the announcement on 9 November 2007 that Glasgow will host the Games, the Scottish Parliament passed the Glasgow Commonwealth Games Bill. This legislation aims to protect the Games from Ambush marketing and ticket touts, while putting powers in place to address matters such as transport and land purchase. The Glasgow Commonwealth Games Act 2008 received Royal Assent on 10 June 2008. On 14 November 2007, the First Minister of Scotland, Alex Salmond announced the disbandment of the bid committee headed Louise Martin, Chair of the Commonwealth Games Council for Scotland and Bid Director and said that a new committee would be announced within the next 100 days. On 8 February 2008, Sir Robert Smith was appointed as Chair of the Glasgow 2014 Commonwealth Games organizing company.
Smith is the former Chairman of the Weir Group, CEO of Morgan Grenfell Private Equity and BBC Governor and Chairman for the Broadcasting Council for Scotland PREPARATIONS BY HOST COMMUNITY VENUES One of the key technical aspects of Glasgow’s successful bid was the fact that the city already has 70 percent of the planned venues in place. The vast majority of venues are located within 20-minutes driving time of the Athletes Village in Dalmarnock and are broadly grouped into three clusters; in the East End, South Side and West End districts of the city. The only sports held outside the Greater Glasgow area will be the Diving and Full-Bore Shooting events. ?Main Stadia Hampden Park, Scotland’s National Football Stadium, located on the South Side, will be the main venue for Athletics and the Closing Ceremony, while Celtic Park, located in the East End, will be used for the Opening Ceremony. ?West End cluster The Scottish Exhibition and Conference Centre, located in the West End of the city, will host Wrestling and Judo, as well the Main Press Centre and the International Broadcast Centre, benefiting from its strategic position adjacent to the new headquarters of BBC Scotland and SMG at Pacific Quay. The Clyde Auditorium will host Weightlifting, whilst the new Scottish National Arena will be used for the Gymnastics and Netball events. Kelvingrove Park, will be the venue for Bowls and already has five bowling greens installed for competitive use. A comprehensive upgrade and refurbishment of the park is underway.
Kelvingrove Park is situated close to the SECC and is adjacent to the Kelvin Hall, which will host the Boxing tournament. Scotstoun Sports Centre will host Table tennis and Squash. ?East End Cluster A new National Indoor Sports Arena and the Sir Chris Hoy Velodrome Complex is planned for Parkhead in the East End of the city, the Velodrome itself will be opposite Celtic Park, which will be used for the opening ceremony.
These venues will become the headquarters of Sportscotland and Scottish Cycling, and will also host Badminton as well as Track cycling. The Road cycling and Cycling Time-trial events will start and finish at Glasgow Green. Glasgow Green will also be the venue for Field hockey and will see the construction of a new Regional Hockey Centre. The Athletes’ Village will be located adjacent to the National Indoor Sports Arena and Velodrome in Dalmarnock at Cuningar Loop on the banks of the River Clyde.
The village will form the centrepiece of the wider Clyde Gateway Project, a strategic ? 1. 6 billion inner city regeneration project for the East End of the city. The village masterplan covers a 35 hectare site and will be purpose-built to house 6,000 athletes and officials in 2,500 residential units and leave a legacy of regeneration in this deprived district of the city. Tollcross Park Aquatics Centre will be the venue for Race swimming events. It already has one Olympic standard 50 metre swimming pool, which will be extensively upgraded, and a second 50 metre pool is also to be added for the Games as a warm-up facility. The existing permanent seating capacity will also be increased by 1000. Combined with additional temporary seating there will be over 5,000 seats for the Games in 2014. Strathclyde Country Park, on the eastern outskirts of Glasgow, will host the Triathlon event. ?South Side Cluster Ibrox Stadium, in the South Side, is the planned venue for the Rugby Sevens tournament. Mountain biking will be held on the Cathkin Braes near Rutherglen, the highest point in the city.
The Marathon will also begin and end at Hampden Park in the South Side, which is hosting all the Track and Field Athletics events. ?Satellite Venues Diving will be held at the Royal Commonwealth Pool in Edinburgh, located 45 miles (72 km) to the east, which will also be holding the annual Edinburgh Festival at the same time as the 2014 Commonwealth Games. The Shooting competitions will take place at two separate outdoor venues, the Strathclyde Police ranges at Jackton, near East Kilbride, and the Ministry of Defence full-bore rifle and clay target ranges at Barry Buddon, near Dundee, which were also used in the 1986 Commonwealth Games. It should also be noted that shooting is the only sporting event that will not derive an enhanced physical legacy from the Games. INFRASTRUCTURES ?Transportation As stated by the Organizing Committee, over two billion pounds will have been spent on enhancements to the city’s transport infrastructure by 2014, including completion of major motorway links, like the M74 and East End Regeneration Route. There are also planned improvements to public transport provision, such as the Clyde Fastlink project. All venues in the Glasgow area will be directly served by city’s extensive railway and subway network, with its main interchange at Glasgow Central/St Enoch, including; Hampden Park and Jackton, as well as the other major venues served by either the central Argyle Line or Subway.
There are also ongoing improvements to the River Clyde such as the construction of new bridges and development of river-based transport. ?Utilities Glasgow has a comprehensive mains electricity network supplied by the National Grid, which is operated by Scottish Power and generated from an increasing share of renewable sources, such as Whitelee Wind Farm. More flexible electricity supplies are also readily available, with mobile generating specialists Aggreko, based in the city. Scottish Water operates Glasgow’s primary water supply, which is sourced from Loch Katrine and enters the city via the state-of-the-art Milngavie water treatment works. The city has a world class healthcare sector administered by NHS Greater Glasgow and Clyde. ?Security Strathclyde Police have a proven track record in providing security at high profile events such as the 2002 UEFA Champions League Final and the 2005 G8 summit. The Scottish Government is working closely with the Games organisers, the Police and other security services to ensure that the security arrangements in place for the Games are responsive to all circumstances.
The funding for security has been considered from the outset. ?Accommodations Glasgow currently has some 11,870 hotel rooms, including three 5-star hotels. There are plans for eight new hotels in and around Glasgow.
Ranging from 3 to 5 star accommodation; they will collectively provide a further 1,445 beds by 2014. The Glasgow City Marketing Bureau has also obtained contractual agreements from 67 hotels in the city to guarantee room rates with no minimum length of stay. ?Telecommunications In terms of telecommunications, Glasgow was voted the Intelligent Community of the Year in 2004 by the Intelligent Community Forum, in recognition of the city’s comprehensive level of Broadband Internet access and highly developed 3G and Wi-Fi networks. ?Environmental Forum The Scottish Government has set up an environmental forum to provide advice and to challenge the 2014 Commonwealth Games delivery partners on the sustainability and environmental aspects of the Games, including on the design and construction of facilities and planning and operation of the Games and on legacy issues. The membership is drawn from environmental and wildlife protection organisations, local government, Scottish Government and agencies. In order to fulfil a commitment made in the Glasgow 2014 bid to ffset carbon emissions from the Games, the Scottish Government will work with its delivery partners to develop a carbon offsetting scheme for the 2014 Glasgow Commonwealth Games. The scheme will become active soon after the completion of the Delhi Games in October 20 CONCERNS AND CONTROVERSIES Numerous activists groups, individuals, academics, media sources, politicians and charitable organisations have been critical of backing the bid to host the Games in Glasgow and of the extent the games will bring positive benefits to the people of Glasgow and Scotland as a whole. There are currently two dedicated media sources focused on holding decision makers to account regarding Legacy Commitments and presenting opposition to the displacement of residents.
They are also lamenting the closure of facilities and amenities as a result of property development tied to the Games. These sources are Don’t Back the Bid (DBB) and Glasgow Games Monitor (GGM) 2014. Criticism of Health Improvement Claims A recently published report by Gery McCartney et al. n the British Medical Journal (BMJ 2010; 340: c2369) has cast serious doubt on the potential health benefit legacy of the Commonwealth Games 2014. Their report analysed fifty-four studies assessing the health and socio-economic impacts of major multi-sport events on the host population between 1978 and 2008. Their conclusion was as follows: “Our review found insufficient evidence to confirm or refute expectations about the health or socio-economic benefits of the host population of previous multi-sport events. Benefits from future events – such as the 2012 Olympic Games and Paralympic Games in London or the Commonwealth Games in Glasgow – cannot be expected to occur automatically. On this note, until decision makers include robust, long term evaluations as part of their designs and implementation of events, it is unclear how the costs can be justified in terms of host population benefits”. The Scottish Government commissioned the report, but when they saw the report did not conform to the outcome they wanted, they refused to publish or own it. Criticism of Budgeting In November 2009, the Games organizers claimed that the budget allocated to hosting the games would increase from ? 373 million to ? 454 million. The budget has since been increased to an estimated ? 523. 6 million – a 40% increase from the original estimate. The first increase was put down to staffing and broadcasting costs, the second increase has been blamed on inflation.
This has happened in a context in which council funding cuts have forced community centre closures and a loss of funding for a number of grass-roots sports organizations. Most recently The National Arena – a new ? 12 million, 12,000-seater venue due to host the gymnastics and netball finals, and the international broadcast centre during CG2014 – has received a ? 40 million bail-out to avoid mothballing and financial collapse by the City Council. All these have raised serious objections from those kicking against the hosting rights. Criticism of Displacement of Residents In 2009 a Compulsory Purchase Order (CPO) was served by Glasgow City Council on a number of homes and businesses on Ardenlea Street and Springfield Road.
These properties are earmarked for demolition to make way for the building of the Athlete’s Village. Before a CPO is served, the Council is required to negotiate with property owners and come to a just and reasonable compensation for their property. In the case of some group of long-time residents on Ardenlea Street, this has not been the case. Before the end of 2010, those Dalmarnock homeowners and shop-owners in the way of development for the Commonwealth Games Village will be made homeless through eviction orders by Glasgow City Council. No compensation price for their properties has been agreed or paid. Despite repeated attempts by the property owners, the Council has refused to negotiate with them. Activists claim this matter has been particularly controversial in lieu of a hugely profitable land deal done between wealthy Mayfair property developer Charles Price and the City Council.
Price bought a parcel of land adjacent to Ardenlea Street and Spingfield Road in Dalmarnock for ? 8 million in the period 2002-2005. The land also lies on a site earmarked for the Commonwealth Games Village and is likewise deemed essential for the Games development. The City Council had it within their powers to perform a Compulsory Purchase Order on Price’s land, but instead negotiated with Price (a process denied to Margaret Jaconelli and the other shopkeepers) resulting in a ? 17 million sale of the land – with ? 3 million added VAT. A total cost of ? 20 million pounds of public money. A spokesman for Glasgow City Council said that compulsory purchase powers were not used against Price’s company because officials had been able to agree a deal with him.
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Commonwealth Games. (2017, Sep 26).
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Disney’s 4 Products in Hong Kong
Disneyland Hong Kong is the smallest Disney park (1. 3 square kilometers). It consist of the Theme park, two hotels and retail, dining and facilities. Disney Land Hong Kong offers lots of entertainment. It is a real family park, entertainment for all ages. In time of seasonality and special events there is additional entertainment, like themed parades. The Walt Disney cartoons are recognizable for the children from television. This is what sets Disney apart from its competitors. The park has attractions like the Buzz Lightyear Astro Blasters and Tarzan’s Treehouse. For children these characters come to life and it really is an experience. They have trilling rides and Broadway-style shows. There are also nine shops, eight restaurants and guest service facilities. You can overnight in the Disneyland Hotel and the Disney’s Hollywood Hotel. Tickets include all rides and shows within the park. One-day tickets to the park cost 26 euros for adults and 18 euros for children under 12 on regular days, and 30 euros for adults and 22 euros for children on special days. There is also a special discount tariff for senior citizens. The park's regular opening hours are from 10am till 7pm. They have Special Offers to attract more customers. Hotel packages such as Stay and Play for 2 days; stay one night in a there hotel and two days at the Park. Ticket offers such as the In-Transit Easy Pass; any transit passengers departing Hong Kong on the same day of their arrival could save up till 40%. And a package offer; buy 2 and get 1 free. There will always be potential customers who have never been to Disneyland and they’re willing to pay a high price to go. A high price would be a optimal price. Most people who have been there said that they had a magical time, people will think it is something they have to do at least once in their life. Place: Hong Kong Disneyland is in Lantau Island, located in Penny’s Bay (North). It is 10 minutes from Hong Kong International Airport and less than 30 minutes by train or motorway from downtown Hong Kong. The Public Transport Interchange comprises bus terminus, bus stacking area, taxi pick-up/drop-off areas and other ancillary facilities (including toilets and guest relations centre). Hong Kong has 7 million citizens (most of them could afford a ticket), thus, this is a great place to set up something like Disneyland. Disney has incorporate Chinese culture, customs and traditions when they build the resort to avoid cultural problems, including adherence to the rules of Feng Shui. Michael D. Eisner and Donald Tsang said,: Hong Kong Disneyland is a symbol of cooperation, friendship and understanding between Hong Kong and the US. Promotion: Before the park was opened at September 12th 2005, Coca-Cola and Disney launched a ‘’Gold Cap’’ promotion in China. The promotion offered 10,000 winners a 3-day free trip to Hong Kong Disneyland. They promote themselves also through the internet, with their website and through travel agencies. They encourage travel agents to include Disney on any tourist visits to Hong Kong. Especially on Chinese television and on the internet (for example: YouTube) they show promotion videos and they offer special packages. They want to expand, there is space to expand and the shareholders want Hong Kong Disneyland to be a tourist destination in Asia. Because they want to expand, they come in the media, what also promotes Disneyland Hong Kong. Segmentation: Disney Land Hong Kong is paying more attention to the Chinese population. The Chinese often have the same characteristics or behavior. That is why they build the park adherent to the rules of ‘Feng Shui’. Targeting: undifferentiated marketing (mass). They mainly focus on children and youngsters. Disneyland is also based on the cartoons from the movies for children, like Mickey Mouse. There is not a lot of competition and there are almost no substitute products. The buyers don’t have a lot of power, because Disneyland has so many visitors. Positioning: Disneyland Hong Kong is positioned on the basis of experience and entertainment.
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Disney's 4 products in Hong Kong. (2017, Sep 26).
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